What is an Advisory Committee?
An advisory committee, often referred to as an advisory board, is a group of individuals with unique skills, backgrounds, and expertise that augment that of the organization's board of directors. Oftentimes, an advisory committee is formed to address a specific issue, challenge, or opportunity – for example, connecting to a new audience. Unlike a board of directors, an advisory committee does not have formal governance power.
Instead, the role of an advisory committee is to provide guidance and make recommendations to the board of directors on a project or initiative. Not all organizations have an advisory committee. However, the majority of those that do see the benefits. According to research from the Business Development Bank of Canada
, 86% of entrepreneurs who have an advisory committee indicate it's made a positive, significant impact.
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