A board of directors is a group of individuals who are responsible for the oversight, governance and direction of the organization. They are accountable for the legal obligations of a business and are held to a high level of accountability. If they fail to fulfill their fiduciary duties, they may be personally responsible.

A group of people who advise and coach the company is called an advisory board. They offer more direct advice and tend to focus on growth, strategy and development instead of reporting and risk management, governing and avoiding risks that could be detrimental to the business.

Ideally, a company should lay out clear guidelines for the role of their advisory board – not only in official documentation such as meeting minutes but as well in every day communication to avoid confusion. This will ensure that they do not accidentally cross over into the territory of a director’s board which could result in grave legal implications should they fail to comply with their fiduciary obligation.

In reality, this distinction can be blurred, and organizations may refer to their advisory board as “the Board.” It is worth putting it in writing to avoid any confusion or accidental mistakes. A formal written statement that outlines the purpose of an advisory committee can reduce confusion among the people involved. This is especially useful when board members have been previously on an advisory board or are new to the company.

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