Eugene Melnyk is a changed man. The high-profile founder of drug maker Biovail Corp. has become a believer in board reform.
Mr. Melnyk has got himself a lawyer well known in governance circles, a compensation expert, a professional search firm and a consultant who specializes in director assessment. He has found three new directors and a new way of thinking, which he is willing to share with any disbelieving entrepreneur who thinks governance will get in his way or stifle growth.
"I once took that view," says Mr. Melnyk, who in 2002 and 2001 was Canada's highest-paid executive, earning $66.3-million and $122-million in those years respectively. "As long as you have respect around the table, [directors] are the best, cheapest advisers that any company can get."
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