Snap’s IPO with no voting rights shows there is disagreement on what good governance means. Some experts viewed the founders’ total control over Snap, and the resulting lack of accountability to shareholders, as a “banana republic approach” to corporate governance. Others believe that Snap’s IPO shifts the balance from shareholders to stakeholders. But perhaps this is the wrong discussion. In an age of disruptive technology, the sharing economy and a millennial culture, the traditional perspective needs to change. A new “corporate governance” needs to be designed around this new reality.