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A board of directors is a set of people who are accountable for management, control and direction of an organization. They are accountable for the legal obligations of a company and are held to a strict standard of accountability. If they fail to perform their fiduciary obligations and obligations, they could be personally liable.
A group of individuals who mentor and advise companies is known as an advisory board. They provide more practical advice and tend to focus on growth, strategy and development rather than reporting and risk management, governing and avoiding downside risks.
Ideally, a company should clearly define the role of its advisory board in all official documentation such as meeting minutes and communications via verbal to avoid confusion. This will ensure that they don’t accidentally cross-check into the jurisdiction of a board of director, which could have serious legal implications if they fail to meet their fiduciary responsibilities.
In the real world, this distinction can be blurred, and organisations may refer to their advisory board as “the Board.” It is worth making it clear in writing to avoid any confusion or accidental mistakes. A formal written statement that defines the purpose of an advisory board helps to minimise the risk of confusion for those involved and is particularly useful for those whose members of the advisory board may have previously been part of the board of directors or are new to an organisation.
www.theirboard.com/tips-for-hosting-a-successful-virtual-event/
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