https://theirboard.com/tips-for-hosting-a-successful-virtual-event/
A board of directors is a set of individuals responsible for oversight, control and governance of an organisation. They oversee the legal responsibilities of a business and are held to a high standard of accountability. If they fail in their obligations to their fiduciary duties, they may be personally responsible.
A group of individuals who mentor and advise the company is called an advisory board. The advice they give is more direct and their focus is on development, growth and strategy, instead of reporting and governance, managing risk and avoiding downside risk.
Ideally, a company should set out clear guidelines regarding the role of their advisory board not just in official documents like meeting minutes, but also in everyday verbal communication to avoid confusion. This will ensure that they don’t accidentally cross over into the territory of being a board of directors, which can result in serious legal consequences for members if they are not meeting their fiduciary obligations.
In practice, the distinction could be blurred and organisations may refer to their advisory board as „the Board.“ It is worthwhile making it clear in writing to avoid confusion or accidental mistakes. A formal written declaration defining the role of an advisory board can help to avoid confusion for those involved and is particularly useful for those whose members of the advisory board might be a part of the board of directors or are new to the company.