Advisory Board Toolkit

Improve and grow your business. This toolkit will help answer some of the questions you may have about how an advisory board operates and provides helpful tools and tips that can be adapted to fit the specific purpose of your advisory board. 



Support and guidance from an advisory board may accelerate growth, improve financial performance, manage risk or enhance operational performance.

A variety of opinions exist as to what an advisory board should be tasked with, how or if it should be rewarded, the advantage or otherwise of independence (owning equity or not), and the list goes on.

The toolkit covers the four phases of an advisory board’s life cycle:

  • consider
  • establish
  • operate
  • exit






An advisory board is a committee of people selected by a business (or a board in the case of larger companies) to provide defined advice and information in an informal and flexible manner. 

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Structural similarities may exist between a board of directors and an advisory board. They should both have a chair to facilitate and lead, as well as procedures for the conduct of meetings.

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Advisory board members must not be unwittingly exposed to liability as full directors. As the business owner, or business’s representative you must have absolute discretion to accept or disregard any recommendations made by your advisory board.

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At some point in the life cycle of your advisory board you may encounter the need to exit from or alter the arrangements.

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© Institute of Directors in New Zealand (Inc). The Advisory Board Toolkit may not be reproduced in whole or in part without prior written permission.

This toolkit has been prepared as a resource for businesses considering the establishment of an advisory board. It is not intended to be exhaustive or constitute advice. Its content should not be used or relied upon as a substitute for proper professional advice or as a basis for formulating business decisions. The Institute of Directors in New Zealand (Inc) and its employees expressly disclaim all or any liability or responsibility to any person in respect of this toolkit and in respect of anything done or omitted to be done by any person in reliance on all or any part of the contents of the toolkit.