advisory-board

Vocabulary Word

Definition

'Advisory board' is a formal group of individuals with special knowledge or skills who provide non-binding guidance and expertise to an organization. Unlike a Board of Directors, they do not have authority to vote or make decisions.

Examples in Different Contexts

In corporate governance, an 'advisory board' is a body that provides non-binding strategic advice to the management of a company, enhancing its decision-making process. A CEO might state, 'Our advisory board brings diverse expertise to guide our strategic initiatives.'

Practice Scenarios

Non-profit

Scenario:

Our upcoming charity event requires a new fundraising strategy to maximize impact and reach a wider donor base.

Response:

Perhaps our advisory board could provide new insights for improving our fundraising strategies.

Business

Scenario:

We need to take a more innovative approach to our operations, and our board of directors lacks the diverse expertise needed.

Response:

I suggest setting up an advisory board with members from various fields related to our work.