Investor Preferences in C-Corp Conversion:

1. No dilution.  Share issuance of any kind should be prohibited in the corporate charter.  Any changes to this policy should require a significant majority vote. 
2. Share repurchases should remain the primary method of returning capital.
   1. If a dividend is necessary, it should be regular and consistent.
3. Board members, including originating board members, must be voted upon by shareholders.  Board terms should be of reasonable length.
4. Board should be of reasonable size so as to function healthily at all times. Independent directors should outnumber executive members. 
5. Remain in “business of going out of business”.  Primary duty of corporation is return of capital via royalty collections and asset sales.
   1. State limitations on additional business activity such as new business ventures and additional land/royally acquisitions.  
6. Executives shall be required to purchase shares via dedicated cash compensation and/or company loans to ensure that shareholder and management incentives are aligned.  Executives should be required to attain and maintain some material level of ownership. 
7. Executive compensation should be simple and oriented towards long term results.
8. Stock shall be split regularly so as to facilitate liquidity for repurchases.
9. Transparency in reporting of results and material events should be commensurate with those expected of a $5B+ publicly traded corporation.
10. Corporation must hold an annual meetings and be regularly open to investor communcation.

The list above was kept short deliberately.  Spin-offs, head count, and other business decisions (in my opinion) should be the responsibility of directors and management with interests and incentives that are aligned with those of shareholders (TPL 2.0).