The experts at the table, Dr David Brown and Dr Mark Treherne, shared insights gained during their impressive careers to date as founders, board members and investors. Discussion was chaired by Nooman Haque, Director of Life Sciences at Silicon Valley Bank.
The following key points emerged from discussion:
- Your board needs to be different from the executive team, in order to challenge and bring fresh views.
- A board should meet four to five times per year.
- Five board members is the optimum number.
- Chemistry between the CEO and Chair is vital – these are two personalities that must work together.
- Consider the challenges presented by different time zones if you have an international board.
- Consider the value of the investor – what can they bring to the business aside from financial input?
- Do investors need a board position? Some will take a seat but may not have significant input.
- It is vital for the founders to have a clear vision for the business and to then find a chair to lead them.
- Chair of the board should be experienced in terms of governance.
- Consider compensation – what sort of salary or equity to offer. On the whole, a Chair role in Life Sciences will demand higher remuneration than in Technology as skills are more niche.
Bailey Fisher Executive Search is an independent executive search firm operating globally to identify impactful talent across Technology, Life Sciences, Digital Health and Private Markets. www.baileyfisher.com
The next Life Sciences Dinner will take place during the Autumn. Attendance is by invitation for senior executives in the sector. For more information, please contact Kerry Linsey at Bailey Fisher Executive Search.
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