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Why Advisory Boards Are Important for Indian Business Corporates?

Why Advisory Boards Are Important for Indian Business Corporates?

By CS Anthony Fernando
Calendar

Jul 30 th 2021

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Creating a board with serious purpose is the first prerequisite to formation of a value adding board. As the purpose itself will bring in the right leaders on the board. Having right leaders who bring the skill sets, stature and experience is key to effectiveness. Clearly articulating the levels of engagement and time commitment upfront ensures clarity and creates purposeful engagement of the board.

Advisory Boards in India is one area that is overlooked by most businesses however, if implemented properly can be a game changer. Researches say that businesses with advisory Boards have a significant impact on stakeholders as their trust level in the decision-making process immensely increases. With such positive impacts and better decision-making results, companies must now think of appointing advisory Boards yet, if we specifically witness the Indian scenario, still there is a lack of awareness on the said concept.

What is an Advisory Board?

An Advisory Board is a group of experts who provide an expert advice other Board members and Senior Management on certain important issues. As such advisory Boards do not have any formal accountability towards decisions taken by the Company yet, their role in helping Boards set high governance standards play a very crucial part. It is noteworthy that not only small organizations or start-ups need advisory Board, but many large companies have appointed highly experience and professional advisory Boards for seeking better advice.

An advisory board can serve as a feeder group for board directors. Their formation and its objectives vary across diverse contexts. Companies which have a large complement of family executives can use an experienced advisory board in tackling family related matters, including performance of family executives, their mentoring and tricky issues of succession within the family. They lend objectivity while being empathetic to such decisions. Needless to say that advisory board can be formed for multiple purposes and one of the purposes can be managing the family. Private equity companies globally and in India are frequent users of advisory board format and this is inherent to their leveraging mindset. These boards assist the private equity companies with networking, market expertise to identify target companies. Their members often sit on the boards of investee companies for business review, coaching the management and acting as a debating partner in key decisions. Sometimes a few of the board members and also act as interim managers.

Why should Companies appoint an Advisory Board?

Here are few important viewpoints that can give clarity on why appointment of Advisory Boards is important for companies:

  • They provide innovative perspectives
  • Their valuable presence brings credibility
  • They help in generating stakeholder trust
  • Their opinions are logical, independent and unbiased
  • Their presence in companies give a feeling of professionalism to stakeholders
  • Their advice helps companies get smooth listing on stock exchanges

Therefore, an Advisory Board can ‘an extended leadership team’ if appointed with a purposeful intent.

How Can MMB help you setting up Advisory Boards?

MMB is on a mission to set up effective Boards in India with great Board members. Setting up an advisory board for Companies is one of the topmost priorities that MMB is making due efforts to inculcate in organization types via handholding and mentoring.

In order to have a right composition of leaders and right structuring with right skillsets and expertise, MMB shall guide companies to get the right people on Advisory Board by understanding specific company business as well as future scope of growth.

For more details connect with us on info@mentormyboard.com.

If you are an aspiring Independent Director, get all your doubts clear NOW by availing the right mentoring from MentorMyBoard. Register NOW at https://mentormyboard.com/membership and avail unlimited benefits!


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Category

  • All
  • Boardrooms
  • BOARDROOMS
  • Independent Directors
  • Role of Board
  • Mindset Shifts of Boards
  • Independent Directors and Promoters
  • Sustainability / ESG
  • business implication
  • employee exits
  • COMMITTEE MEETINGS
  • Union Budget
  • Independent Director
  • Grow with Governance
  • Grow with Governance
  • INDEPENDENT DIRECTOR
  • Entrepreneurial Board
  • ESG & ITS IMPORTANCE
  • leadership coaching
  • Change Management
  • Advisory Boards
  • Boards
  • Boardroom
  • Brand Yourself as a Leader of the Company
  • Kindness
  • Are you hesitant to speak in the Boardroom!
  • Governance & ESG
  • Directors
  • Independent Directors
  • Corporate Governance
  • Leader development
  • Gratitude, Purpose
  • decision making
  • Systematic Investment Plans in Emotional Intelligence
  • Corporate Governance
  • The Board’s Role in ESG!
  • Balance Boards
  • Agility and Compassion
  • Governance and Board
  • Diversity and Inclusion
  • Directors,Promoter Directors
  • Board Members, Directors and Independent Directors
  • Board and Senior Management
  • New Directors
  • Cyber Insurance
  • Salary Increment
  • Economy Growth
  • Human Resources
  • Generating Wealth Beyond Money
  • Agile Mindset for Leadership
  • Aspiring Independent Directors
  • Board Leadership
  • Corporate Governance & Women on Boards
  • BOARD MEMBER
  • SME
  • WOMEN DIRECTOR
  • BOARD MEMBERS

Archive

  • 2021
    • April (3)
      • Will you drive your vehicle without a dashboard?
      • Are you making SIPs to improve your Emotional Intelligence
      • Corporate Governance needs a Moral Compass – Ethics in Indian Boardrooms!
    • August (9)
      • Grow with Governance: ESG is the umbrella for CSR, says Vedanta's Roma Balwani
      • Grow with Governance: PadUp Ventures' Rajat Jain Demystifies Correlation of Governance and Economic Growth
      • Grow with Governance: Family governance impacts the culture of a family-run business, says Equations Advisors' Mita Dixit
      • Entrepreneurial Board
      • NEW REGULATORY PROVISIONS RELATED TO INDEPENDENT DIRECTORS
      • ESG & ITS IMPORTANCE FROM THE POINT OF VIEW OF BOARD MEETING
      • Start early, don't wait till retirement to become an Independent Director, says Increate Value Advisors' Milind Sarwate
      • The winding road of leadership coaching in the post-pandemic era
      • Challenges of Organizational Culture Change
    • February (4)
      • Re-examination of Purpose by the Boards in Post -Pandemic Era
      • What Makes Great Boards Great! Performance Evaluation by Boards and Role of Independent Directors
      • Promoter Director – Time to become Custodian of Governance!
      • Diversity and Inclusion – The Board Perspective!
    • January (2)
      • New Directors - Have you done your due diligence
      • Cyber Security Insurance and Boards
    • July (7)
      • Why Advisory Boards Are Important for Indian Business Corporates?
      • Grow with Governance: ESG essential to repair the damage economic activities caused to the earth, says CA Shailesh Haribhakti
      • Top 10 areas to contribute in Boards as Independent Directors
      • Top 10 Questions to Ask in Boardrooms!
      • Essential HOWs of Boardroom!
      • Kindness is key
      • How to Brand Yourself as a Leader of the Company?
    • June (6)
      • Leading from the Boardroom
      • Are you hesitant to speak in the Boardroom!
      • The Neem Project a Leadership case study
      • Directors Liability in India
      • Why do promoters need Independent Directors?
      • Corporate Governance Deviation – Infosys Case Study
    • March (4)
      • Board Refreshment: Finding the Right Balance for your Board!
      • HR Governance and Board – How Important Is It?
      • Agility and Compassion: Two Pillars for Boards in the Post Pandemic Era!
      • Modernizing Governance: The Board’s Role in ESG!
    • May (3)
      • Restructuring appraisals in 2021 – Gratitude, Purpose & Meritocracy
      • How do you make your personal Brand?
      • Leadership Coaching: How does it help Leaders
    • October (2)
      • Are Independent Director’s required on the Board?
      • 'Ethics & Governance' lesson should start from school, says Federal Bank's Independent Director, Sankarshan Basu
    • September (3)
      • Grow with Governance: As an Independent Director ensure your voice is heard, says Apurva Purohit
      • Grow with Governance: Push for ESG agenda; pool CSR funds to maximise impact, says Ranganath NK, former MD of Grundfos Pumps
      • Grow with Governance: Boards should prepare companies for different risks, says National Insurance Academy's G Srinivasan
  • 2020
    • August (4)
      • WOMEN DIRECTOR-An Emerge
      • ARE YOUR BOARD MEMBERS SAVVY WITH FINANCIAL TERMS AND EXCEL IN FINANCIAL LITERACY QUOTIENT AS PER COMPANIES ACT 2013 MANDATES.
      • BOARD MEMBER SELECTION- A TASK OF PERFECTION
      • SME IPO – AN OPPORTUNITY TO CAPITALIZE YOUR BUSINESS
    • December (3)
      • Good or bad, Salary Increments always cause a heartburn among employees
      • Is Economic Progress Enough?
      • Emotional Intelligence
    • November (3)
      • Generating Wealth Beyond Money
      • "Agile Mindset for Leadership"
      • Tips for Aspiring Independent Directors
    • September (3)
      • Independent Director
      • Lean Thinking Boards
      • Corporate Governance & Women on Boards
  • 2022
    • August (1)
      • Liability of Independent Directors – An Important Aspect of Corporate Governance
    • February (4)
      • A Hero's Farewell: How to handle employee exits with dignity
      • Green Bonds: An Instrument for Financing a Sustainable Future
      • Tool for effectiveness of Board Committees - Ask Right Questions
      • Russia-Ukraine war and India’s Business Implication
    • July (2)
      • Stagnation or Evolution – Mindset Shifts of Boards when Company sees Stagnated Growth
      • Risk Assessment and Minimization Procedures – Role of Board
    • March (2)
      • A study on Sustainability Report of Container Shipping Companies.
      • India and The ESG impact of Crypto Currencies
    • May (1)
      • Independent Directors liability under GST
    • November (1)
      • Workplace Sexual Harassment and the Role of Board
    • October (2)
      • How many Boards are too many?
      • Women in Indian Boardrooms Vs Diversity = Inversely Proportionate
    • September (2)
      • Organizing for the Future – Important keys to becoming future ready
      • Are you ready to serve on the Board?