Board Advisory

Board Advisory Meaning:
Boardroom advisory services are an offering provided by consulting, professional services networks and law firms that guide and support boards chairs and CEOs of large public, private companies, private equity-backed and major private and family-owned businesses to solve governance, leadership and people issues. Regulators have indicated that the 'tone' of the entity is, and must be, set at the top, which includes the board and directors. While directors should typically act in the best interests of the company, when a long-term view is taken, its considered that there may not be an inconsistency between the interests of shareholders, employees, customers and other stakeholders as corporate culture is typically a boardroom issue. The service providers engage their clients on how to establish governance and risk frameworks to support executives and directors mature their existing frameworks.

Board Advisory Example:
Typically board advisory services are provided by international professional service networks such as PWC, Deloitte and KPMG but today they are also offered by international law firm such as DLA Piper and Allen and Overy. For example they may provide clients to conduct a Board and executive-level governance effectiveness review against regulatory and governance code requirements, benchmark competitor board composition and compensation, structure, governance practices and performance as well as establish annual board evaluation program and advice on boardroom trends and best practices, Board Succession Planning , CEO Succession & Assessment and coach and mentor Chairs and Directors.