Michael Greeley has extensive experience in venture capital and significant board experience across a multitude of investment boards. In this episode, he shares his experience and lessons learned, emphasizing the evolving nature of board governance, the strategic importance of independent directors and the future of healthcare. We love our listeners! Drop us a line or give us guest suggestions here. Big Ideas/Thoughts/Quotes 1.     Evolution of Board Composition of investor-backed boards Changes in the composition of investor-backed boards over the past 25 years, emphasize the need for a broader range of competencies beyond financial performance. The trend is to include diverse perspectives to help mitigate boardroom “groupthink.” "Boards today are very deliberately trying to have the right competencies... Today the pressure on boards is to have a much wider range of expertise; cybersecurity, sensitivity around DE&I issues, and we're seeing that reflected in our term sheets.   2.     Challenges in Board Compliance Discussion on the difficulties boards face in complaining with term sheets guidelines, particularly around independent directors and diversity. "We did an audit... and said, 'How many of our companies actually have complied with that (term sheet requirement)?' And we were surprised, it was probably maybe half or two thirds… and frankly, if I could be just brutally honest, I think there's a little bit of an apathy to address deficiencies of boards."   3.     Importance of Independent Directors The role of independent directors in providing an unbiased 'voice of the customer' to help guide company strategy and product market fit. "The power of that [independent director] is a little bit sector specific but I think it cuts across all sectors, the principal risk we take as healthcare tech investors is around product market fit, and independent directors are the voice of the customers."   Governance and Board Dynamics Michael's advocacy for more effective boards and the potential pitfalls of having too many observers or management members “in the room.” "I'm a traditionalist in the sense that the board should not be stacked with management because it is meant to be the body that opines on the strengths and shortcomings." Future of Healthcare Michael's optimistic outlook on the 'golden age of healthcare' driven by technological advancements, regulatory changes, and innovative business models. "Arguably, the golden age of healthcare is upon us as the sector embraces novel and impactful solutions to improve outcomes and lower the cost of care."