What is an advisory Board?
An Advisory Board is an informal panel of experienced professionals who give non-binding strategic and tactical recommendations for the founders, owners and leaders of a business or non profit organisation.
Advisory board drive value for organisation of any size, from start-up, mid-size businesses and large organisations.
It’s important to differentiate “Advisory Boards” with “Board of Directors”. Advisory Boards only offer advices and strategic recommendations. They do not have, in opposition to most board of directors, have legal authority to vote on corporate matters.They do not serve a governance function or represent shareholders or other stakeholders.
You have several types of Advisory Boards:
- General Business advisory boards: They cover all types of business initiatives and often bring together a wide range of advisors
- Specific business initiative / topic based advisory board
- Local Advisory boards: with country, state or region specific expertise
- Client advisory board composed of a representation of of the people you are serving
- Public Affairs advisory boards
- R&D Advisory board