Do Family Offices Have a Role in Improving Corporate Governance

Last week, Wildcat Capital Management, the family office of David Bonderman, the founding partner of the private equity firm TPG Capital, sent a letter to the board of directors of Sorrento Therapeutics demanding corporate governance reforms. Here’s a snapshot of what the Wildcat letter said to Sorrento’s board of directors: “In particular, the letter calls for the board to immediately terminate and replace Dr Henry Ji as CEO and to stop recently announced financing transactions to avoid further dilution to the existing shareholders. The letter also calls for the appointment of three Wildcat nominees to the board to lead a special committee authorized to initiate a sales process for the company.”

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