An alternative a formal board position is an advisory position. Providing similar guidance to a Chairman or Non Executive Director, this can be a more suitable solution due to there being no formal director responsibilities or risks. This means you get:
- Greater flexibility on dates as no need to attend formal board meetings, could be done quarterly
- No need to review full board MI, the you can agree specific areas to focus on
- Easier to conduct at a distance than a board meeting
- No issues selecting a specialist with no board experience
As a result it can be far more cost effective, if not cheaper.
The role you need an Adviser to fill will need defining even more so than a Chairman or Non-Executive Director as you have much more latitude.
You may occasionally ask the adviser to attend board meeting as an invitee if required.
You will also be able to pay the Adviser on consultancy terms unlike a board director who must be paid as an employee via payroll.