Peter Williams, Australia’s #1 Authority On Leveraging Growth Through Business Advisory Boards, is interviewed by television news presenter and reporter Amber Sherlock of TV’s Nine News. They discuss the fundamental differences between governing boards and advisory boards.
Amber Sherlock: What’s the difference between an advisory board and a governing board?
Peter Williams: The differences, we’ve all heard about the governing boards. It’s certainly at the front page. It has been with the Royal Commission recently and they’re public companies have boards of directors and they are regulated by the corporation’s law, by the regulator. So there are strict limits and limitations and conditions applied to being a company director. The advisory board is flexible, so they’re there at the pleasure of the owner. They are there to help the owner grow the business and take it to that next level. And they can be then chosen for their expertise and skill sets that they can bring to ensuring where the company would like to go. And it’s about choosing the right advisors, bringing them together around the board table and actually helping drive the company to the next levels. Very flexible, very agile and very creative. So it’s actually focused on performance, not on governance and compliance, which is what the governing boards are.