It’s a panel of domain specialists who provide their expertise and frank advice to help a company achieve its long-term goals
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If your legal board does not provide substantive business and succession help, you need an advisory cabinet. It is a major step ahead of the prevalent legal boards, which are mostly wired to resolve issues of regulatory and fiduciary requirements. Hence, the contribution of the legal board, as often observed, is a relatively inconsequential exercise to customarily fulfil the compliance requirements of a state. This, along with its composition, time constraints and relationship to the chief executive officer (CEO), rarely allows for substantive contributions towards the organizational growth agenda in a quantifiable way. In many family-controlled corporations, board meetings get reduced to posturing with a few presentations made and questions raised, but with no clear path highlighted to promote business growth.
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