With more than four decades of practical success, the chairman has insight into the potential opportunities that are presented to EliteCorp International. This is the ninth in a series of articles on Chuck Broes relating to his philosophies on business, management and opportunities in the coming decade.
When companies in the early stages of development lay the groundwork for growth, says Chuck Broes, they must utilize their secret weapon – the company’s Board Of Directors. Chuck Broes believes that an outside Board Of Directors brings strength and diversity to any company. As Chuck Broes and members of EliteCorp International laid the groundwork for its latest interest, Quantum Immunologics, the early adoption of an outside board was a critical focus.
Chuck Broes asks that board members offer different perspectives on growth and management issues as well as counsel on the various aspects associated with the company’s funding. Chuck Broes never recommends a director who is viewed as simply a rubber stamp for all of management’s decisions. The company, says Chuck Broes, needs thinkers that have no hesitation in fulfilling their role. Management needs corporate directors to accept the responsibility of appropriately pushing back without creating personal affronts. Chuck Broes recognizes that there is a definite skill set required in order to successfully fulfill the duties of a corporate director. Quantum Immunologics is fortunate, he adds. Quantum has the team.
With Quantum Immunologics, Chuck Broes has been able to draw from relationships matured through the various ventures that EliteCorp International has been involved in. Chuck Broes has been able to approach potential directors in large part due to the historical successes of other EliteCorp International partners-related ventures.
Another key benefit to securing a veteran corporate board has to do with public perception of the company, points out Chuck Broes. As senior management interfaces with the capital markets, Chuck Broes recognizes the power that an impartial outside board of directors provides. Chuck Broes approaches these efforts knowing that most funding conduits look closely at the impartiality of the Board Of Directors.
Chuck Broes reports that while there may be a number of ways to view the roles and responsibilities of a board of directors, most of these views share common themes. Simply put, offers Chuck Broes, the company’s board is a group of people that are legally charged with the responsibility to govern the corporation. Chuck Broes requires each board member to be a person of character, integrity and experience.
EliteCorp International and Quantum Immunologics have benefited from the disciplined approach Chuck Broes has taken to assemble his team. Both employees and equity partners have gained solid, transparent management approaches from both the inside and the outside of the corporation.