NAME-KISAN PATEL GROUP-17LL3(a) SUBJECT- MEDICAL LAW TOPIC-CENTRAL ADVISARY

of Empowerment of Persons with Disabilities (Divyangjan)]
Ministry of Social Justice

and Empowerment

advice to the management of a corporation, organization, or foundation.

The informal nature of an advisory board gives greater flexibility in structure and management compared to the board of directors.
Unlike the board of directors, the advisory board does not have authority to vote on corporate matters or bear legal fiduciary responsibilities.
Many new or small businesses choose to have advisory boards in order to benefit from the knowledge of others, without the expense or formality of the board of directors.

“wise counsel” on issues raised by owners/directors or management
provide unbiased

insights and ideas from a third point-of-view (not involved in the operation of the business)
encourage and support the exploration of new business ideas
act as a resource for executives
provide social networking platform for directors and the company
encourage the development of a governance framework that enable sustainable growth of the company
monitor business performance

an advisory board is to offer assistance to enterprises with

anything from marketing to managing human resources to influencing the direction of regulators. Advisory boards are composed of accomplished experts offering innovative advice and dynamic perspectives.

strategic advice to the management of a corporation, organization, or

foundation.
An advisory board is a body that provides non-binding strategic advice to the management of a corporation, organization, or foundation.
The function of an advisory board is to offer assistance to enterprises with anything from marketing to managing human resources to influencing the direction of regulators.

deals with a more narrow range of issues and meet

less often than board of directors. There is less commitment for advisory board members compared to directors in the board
Fiduciary duty/ liability issues
Board of directors is exposed to a variety of legislated liabilities, fiduciary and other duties. Responsibilities include unpaid wages, unpaid taxes, environmental damage, etc

an advisory board is to seek expertise outside of the

company.
Advisory board members should provide the company with knowledge, understanding and strategic thinking of the industry or management of the company.
Companies should seek advisory board members whose qualities complement the existing board of directors and not mask gaps in knowledge or skill in the main board.
An advisory board strengthens the existing board, but does not interfere with authorities of the existing board