‘Guide for Life Science Company Directors’ open for comment

AusBiotech, supported by the Victorian Government, has been working with an advisory committee to develop the Guide for Life Science Company Directors (the Guide) as a supporting document to the newly revised Code of Best Practice for Reporting by Life Sciences Companies (Ed 2). A draft is now available for comment until 15 August.

The guide aims to support and enhance the governance of boards of directors leading public and private life science companies. It outlines for less experienced directors or those new to life sciences issues typical to life science companies that are generally not typical in other industries.

Innovative, technology-focused companies in the life science industry have different pressures, such as unique mandatory regulatory considerations and a different business cycle than many other industries. Directors of such companies therefore require additional, specialised knowledge that is not generally learned from available corporate governance materials or taught in mainstream governance courses.

The guide is designed to:

• support board governance for life science companies
• aid understanding for less experienced directors or those new to the life science industry
• be a useful tool for potential candidates during the board recruitment process
• seek to build on general governance guidance by featuring the unique aspects of life sciences - the clinical trial process and strategies, intellectual property management, regulation specific to the industry and financing
• promote best practice governance within the boards and improve performance of life science companies
• provide an informational source for people contemplating becoming a director on a life science company board.

The advisory committee for the development of the guide comprises the following industry experts:

• Lis Boyce, Dibbs Barker (Chair)
• Dr Leigh Farrell, Biota
• Dr Andrew Bray, Elk OrthoBiologics
• Peter Turvey, Foursight Associates
• Dominique Fisher, Helix Digital
• Julie Phillips, BioDiem
• Kate Spargo, APESB
• Lawrence Gozlan, Scientia Capital
• Dr Jan Tennent, Bio21 Cluster
• Dr Anna Lavelle, CEO AusBiotech
• Lorraine Chiroiu, AusBiotech (Project Manager)
• Dr Michaella Richards, Biotechnology Team, Department of State Development Business & Innovation.

Consultation on the draft guide commenced 16 July 2013 and the consultation period closes 15 August. AusBiotech members will receive an email inviting comment. Anyone interested in reviewing and/or commenting on the draft guide is invited to contact Lorraine Chiroiu (lchiroiu@ausbiotech.org or 03 9828 1414).