Earlier quoted context omitted.
> They lead with the fact that it was shocking and irresponsible. I can see where the misalignment (ha!) may be: someone deep in the VC world would reflexively think that "value destruction" of any kind is irresponsible. However, a non-profit board has a primary responsibility to its charter and mission - which doesn't compute for those with fiduciary-duty-instincts. Without getting into the specifics of this case: a…
Just a nitpick. "Fiduciary" doesn't mean "money", it means an entity which is legally bound to the best interests of the other party. Non-profit boards and board members have fiduciary duties.
However, to nitpick your nitpick: for non-profits there might be no other party - just the mission. Imagine a non-profit whose mission is to preserve the history and practice of making 17th-century ivory cuff links. It's just the organisation and the mission; sometimes the mission is for the benefit of another party (or all of humanity).