Gobernabilidad VIII: What about compensation

What about compensation?

Since an advisory board does not have fiduciary responsibility for the company — and that should be spelled out clearly in the advisory board's charter — compensation is generally not at the same level as board of director compensation. However, if the business values the dedication of time and effort made by advisory board members, some modest compensation should be worked out — either as a retainer fee or as a fee for attending meetings.