Corsee Sanders
Ultragenyx PharmaceuticalAbout Corsee D. Sanders
Independent Class II Director at Ultragenyx Pharmaceutical (RARE) since 2021; age 68. Sanders holds B.S. and M.S. in Statistics (magna cum laude) from the University of the Philippines and an M.A. and Ph.D. in Statistics from the Wharton Doctoral Program at the University of Pennsylvania. Her core credentials are global clinical development leadership and operational excellence from senior roles at Genentech/Roche, Juno/Celgene/BMS, and extensive board service in biotech; she is designated independent by the Ultragenyx Board and serves on two committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Juno Therapeutics, Inc. | Executive Vice President | 2017–2018 | Senior operating leadership in cell therapy |
| Celgene Corporation | Strategic Advisor to CMO (post-Juno acquisition) | 2018–2019 | R&D strategy during integration |
| Bristol Myers Squibb | Transition Advisor, Clinical Development | 2019–2020 | Clinical development transition post-Celgene acquisition |
| Genentech/Roche | Senior Vice President, Global Head of Clinical Operations and Industry Collaboration; prior roles of increasing responsibility | 1994–2017 (SVP 2012–2017) | Led global clinical operations; industry collaboration |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BeiGene Ltd. | Director | Current | Public company board role |
| Molecular Templates Inc. | Director | Current | Public company board role |
| Legend Biotech Corporation | Director | Current | Public company board role |
| Fred Hutchinson Cancer Center | Co-chair, Board of Advisors; Chair, Science & Technology Advisory Committee | Current | Oversees advisory and scientific strategy committees |
Board Governance
- Independence: The Board determined Sanders is independent under Nasdaq rules; only the CEO is non-independent .
- Committee memberships:
- Audit Committee (member; Chair: Matthew K. Fust; 6 meetings in 2024) .
- Research & Development Committee (member; Chair: Amrit Ray, M.D.; 2 meetings in 2024) .
- Attendance and engagement: All directors attended 100% of Board and committee meetings in 2024; Board met 4 times, independent directors held 4 executive sessions .
- Board leadership: Independent Chairman (Daniel G. Welch); roles of CEO and Chairman separated to strengthen oversight .
- Governance policies signaling investor alignment:
- Director resignation policy if majority support not received .
- Minimum stock ownership requirements for directors; anti-hedging and anti-pledging policy .
- Director overboarding policy: ≤5 total public boards (non-CEO); all directors in compliance .
Fixed Compensation
| Component | FY2024 Amount ($) | Notes |
|---|---|---|
| Fees earned or paid in cash | 69,875 | Aggregate cash retainer and committee fees |
| Policy schedule (reference) | — | Board member annual retainer $50,000; Chairman $85,000; Audit Chair $25,000/Members $12,500; Compensation Chair $20,000/Members $10,000; Nominating Chair $10,000/Members $5,000; R&D Chair $15,000/Members $7,500 (increases adopted in 2024) |
Performance Compensation
| Equity Component | FY2024 Grant Detail | FY2024 Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|
| RSUs (annual director grant) | Standard grant size ~5,345 RSUs per director (group total 37,415 for 7 directors) | 200,010 (Sanders) | Vests in full upon earlier of next annual meeting or first anniversary of grant |
| Stock Options (annual director grant) | Standard grant size ~9,900 options per director (group total 69,300 for 7 directors) | 199,374 (Sanders) | Typically vests in full upon earlier of next annual meeting or first anniversary; 10-year term, strike ≥ fair market value |
Additional guardrails:
- Non-employee director annual total cash+equity cap: $900,000; $1,500,000 in year of first joining or if serving as Chairman/Lead Director .
- No dividends on unvested awards; no tax gross-ups; no repricing of options/SARs without shareholder approval .
Other Directorships & Interlocks
| Company | Role | Interlocks/Conflicts |
|---|---|---|
| BeiGene Ltd. | Director | No Ultragenyx compensation committee interlocks disclosed; none of the comp committee members had interlocks in prior three years |
| Molecular Templates Inc. | Director | Same as above |
| Legend Biotech Corporation | Director | Same as above |
Expertise & Qualifications
- Global clinical development leadership; prior SVP Global Head of Clinical Operations (Genentech/Roche) and operating roles at Juno/Celgene/BMS .
- Statistical expertise: B.S./M.S. (magna cum laude) University of the Philippines; Ph.D. in Statistics (Wharton Doctoral Program, University of Pennsylvania) .
- Board and advisory leadership: Three public biotech boards; advisory committee leadership at Fred Hutch .
Equity Ownership
| Item | Amount |
|---|---|
| Shares owned directly | 6,664 |
| Options exercisable within 60 days | 20,610 |
| Total beneficial ownership (shares) | 27,274 |
| Ownership as % of outstanding | Less than 1% of 93,892,528 shares outstanding (as of March 7, 2025) |
| RSUs outstanding (as of Dec 31, 2024) | 5,345 |
| Options outstanding (as of Dec 31, 2024) | 30,510 |
| Hedging/pledging | Prohibited for directors under insider trading policy |
Governance Assessment
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Strengths
- Independent, experienced operator with deep clinical/R&D oversight; sits on Audit and R&D committees, supporting both financial control and pipeline governance .
- Strong attendance and active independent oversight structure (independent chair; 100% attendance; executive sessions frequency), bolstering board effectiveness .
- Shareholder-friendly equity plan features: no repricing, no tax gross-ups, director pay caps, clawback coverage of incentive compensation; anti-hedging/pledging and minimum ownership guidelines .
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Potential risk indicators
- Board load: three external public boards plus Ultragenyx; within Ultragenyx overboarding policy (≤5 for non-CEOs) but warrants monitoring for time commitments in high-intensity biotech roles .
- Executive compensation say-on-pay received 74% support in 2024, indicating some shareholder concern with pay practices; the Compensation Committee engaged and modified PSU design, a positive response but remains a watch-point for investor sentiment .
- No related-party transactions disclosed since Jan 1, 2024, reducing conflict risk; continue to monitor as responsibilities evolve .
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Overall implication: Sanders’ clinical operations expertise and committee service align with Ultragenyx’s R&D-centric strategy and governance needs. Independence, attendance, and conservative plan design support investor confidence; overboarding is within policy but should be tracked for effectiveness and bandwidth .