I think the sponsor still owns the majority of apartments and the majority of shares (which is the important part), so the sponsor controls the board.
But that should change soon, either when a few more sponsor apartments are sold, or when 5 years have passed since the co-op conversion started.
For anyone overwhelmed by that other huge thread, a lot of things have improved over the last few years. There are new gates, lobbies, laundry rooms, basement repainting, fios, wifi, bike room, buildinglink, and almost a gym. I probably forgot something. But I was surprised to see the listings in C.