I know that stakeholders also have a board of directors. However, in the case of the board of directors, the understanding of the project is likely to be lower than that of those who directly conduct and manage the project. How powerful is the board of directors when running a project? In the actual medical device industry, what percentage of the board tackles the project?
The board of directors is a constituent of the organizational governance in ensuring accountability, fairness, and transparency to stakeholders. They reinforce standards and compliance along with organizational policies and much more. In project management, the project team will have considerably more knowledge about the actual project whereas the board of directors will be knowledgeable on the governing of the organization, comparable to the human resources departments in mainstream companies. The power of the board of directors is limited with regard to projects. They oversee the projects to ensure proper management and enforce regulations and responsibilities of the team members but are not in complete power of the project course. I don’t think a large percentage of the board tackles the project, I think their roles are mostly fulfilled when issues are escalated to them.
Also, the board directors are mostly responsible for the general direction that projects must take and the goals that they should achieve rather than the technical details for particular projects and timelines.
A board of directors has a lot of say when it comes to projects that might help or hinder the group depending on how big the project is. The purpose of the board is to determine if the direction of the company is towards the mission and overall goal of the company and to determine what would make shareholders happy and would make the company prosper and excel. For this reason, they typically only look at few projects that are instrumental. For example, during the height of the pandemic, for Pfizer, it would make sense that the board of directors would have a close eye on the covid-19 vaccine project as many of their shareholders were closely following the progress of the vaccine.