The Glass Ceiling Beyond the Glass Ceiling: My Ongoing Journey to the Boardroom

By Samina Bari

More than four years ago, I set out to join a corporate board. It was the logical next step in my 30-plus-year career as a healthcare executive and advisor to leading biotech companies, their boards, and their CEOs. I’ve attended and participated in many board meetings throughout my tenure as a company officer. I’ve seen firsthand and up-close how boards worked, witnessed the gaps in their knowledge, and learned how they could function better to provide the expected governance.

As a woman of color, however, I always knew getting on a corporate board would be difficult. What I didn’t know was that there was another glass ceiling, one that stymies non-traditional board candidates despite the obvious business value their diverse perspectives can bring to the boardroom. Biotech boards too often chose men who are investors and corporate executives but not women who may be first-timers but who understand the business.

Despite this additional obstacle, I’ve learned a lot about networking, thought leadership, certification, and training during my journey to join a board. I would be lying if I said it wasn’t discouraging or disheartening at times. Then again, it’s left me more determined to not only break through this second glass ceiling but also to help other women do the same.

A Bigger Tent Leads to Better Business

For decades, corporate boards — especially in biotech — have been composed of mostly the same profiles, over-indexing in men. That’s been changing, albeit slowly. Between 2016 and 2023, the number of women on corporate boards in the U.S. rose from 20 percent to 32.4 percent, according to the Economist’s glass ceiling index.

The primary reason: There’s more than just a moral case for greater diversity on boards, there’s a business case as well. In 2020, McKinsey & Company published a study showing that firms ranked in the top quartile for the gender diversity of their boards were 25 percent more likely to post higher than average profits than those in the bottom quartile.

Another study, published in 2023 by researchers at the University of California Irvine and the Copenhagen Business School, found that women attend board meetings more frequently than their male counterparts, are better prepared for them, and are more likely to ask tough questions.

“Our findings show that women directors appear to be less worried about how they are perceived…” the study’s authors, Margarethe Wiersema and Marie Louise Mors wrote in a recent piece in The Harvard Business Review. “Instead, they want the board to make the best possible decisions, period.”

A Rigid Definition of Diversity

There’s still a lot of work to be done on diversity. All too often, boards look to hire women or people of color, but they don’t consider diversity of thought or diversity of experience.

For obvious reasons, many board seats within biotech go to their venture capital or private equity investors, who typically bring along their friends and acquaintances. They’re checking boxes and looking for certain phenotypes – like CEOs, CFOs, or those with backgrounds in science, development, manufacturing, regulatory, or commercial functions.

I’ve experienced this box-checking. Over the past four years, I’ve been told by many people that boards aren’t looking for people like me. However, if everyone on a board fits a certain “type,” there are bound to be gaps in knowledge and experience. What can happen easily is that the big picture from an external lens of risk and reputation is not evident. And, if and when such issues arise, boards typically hire external firms — often at great cost — to reactively manage the situation. However, the “non-traditional” board member may have added valuable perspective to avert potential issues.

So how do boards expand their definition of diversity to make sure they benefit from diversity of thought and experience, as well as gender, race, and culture?

Creating true diversity starts with changing how the board recruitment process works. Most of the networks for boards are closed. It’s incumbent upon boards to understand and seek out potential new board members who add different value to their structure and purpose, and to work with recruiters on this effort. Moreover, recruiters are compensated in a way that doesn’t incentivize them to take the risks — or the time — to find truly diverse, first-time members whose skill sets and backgrounds might be best for businesses.

Breaking into the Boardroom

In the meantime, with the status quo firmly entrenched, there’s also a lot I’ve learned from trying to make myself an attractive board candidate. I’ve taken workshops and joined networking groups, especially those that cater to women. I’ve learned how to build my brand and create content, sharing my expertise on everything from how to attract biotech investors in a down market to the importance of building a good corporate narrative.

These are critical, substantive steps. Others are equally important, if only to eliminate artificial barriers. Once, a male board member asked me if I had a board governance certification. In turn, I asked him if he had a certification, and he just smiled uncomfortably. Men do not pose this question — or demand this requirement — of other men. Nevertheless, I became certified in global corporate board governance.

Until I break into the corporate boardroom, it’s important to stay active and gain additional experience to expand my portfolio – this is advice I give to anyone on the same journey. I’m currently an advisor to healthcare investment firms and CEOs on strategy, fundraising, IPOs, and other business matters. I’ve also joined the board of a non-profit patient advocacy group. That’s not for everyone – it’s a volunteer position. But it’s been a rewarding experience, and it allows me to help build this organization in many ways, as if I were a corporate board member.

What’s inspired me along the way are the other non-traditional candidates with whom I’ve connected. We’ve partnered to build our brands, share insights, and expand our networks. Through being more connected within this community, I’ve managed to help other women get on their first boards, so I know together, we’ll break into the boardroom and shatter this next glass ceiling. And the companies we strive to be a part of will be better for it.