Nick / looking to the future, page-47

The board determines the direction a company takes within the industry under control of its chairman (as the name ‘director’ indicates). The board therefore needs to be familiar with and have business connections within the industry. The board ‘calls the shots’.

The CEO is subordinate to the board, including being appointed and dismissed by it. The CEO needs to be familiar with the nature of the business and able to determine and manage the business structure. The CEO therefore needs to have expertise and experience consistent with the nature of the company’s business.

Development of the business will depend upon expertise existing within its structure or appointed to it by the CEO.

The need for science specialisation increases moving down this management structure.

With Alexium it is easy currently to fit individual names into this structure other than satisfying the need for industry familiarity at the Board level.