Promoting more effective biotech boards
Guest Commentary: Biotech boards would be higher functioning if they embraced a culture of debate
Most would agree that the board of directors plays an integral role in the success or failure of biotech companies, but exactly what makes one board highly effective and another complacent isn’t always clear. In our view, boards need to start embracing some of the elements that make them uncomfortable in order to foster a culture of open debate, provide diversity of thought and enhance their expertise in several critical areas.
With the COVID-19 pandemic threatening business operations and the economy for months to come, now more than ever, companies need to lean on boards to help navigate the uncertainty and define strategy.
While effective leadership, oversight and governance can take many shapes, some boards are clearly more effective than others. Some even stand in the way of progress by adding a level of complexity that is not helpful to the management team.
We argue that a close analysis of the board