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Advisory Board Engagement Letter

Advisory Board Engagement Letter Template for Australia

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Key Requirements PROMPT example:

Advisory Board Engagement Letter

"I need an Advisory Board Engagement Letter for appointing a cybersecurity expert to our fintech startup's advisory board from March 2025, including equity compensation and strict confidentiality provisions due to our pending patent applications."

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Document background
The Advisory Board Engagement Letter is a crucial document used when companies seek to formally engage external experts in an advisory capacity. It is particularly relevant in the Australian business context where companies looking to expand, innovate, or navigate complex challenges benefit from external expertise without the formal obligations of directorship. This document establishes clear parameters for the advisory relationship, addressing key aspects such as meeting frequency, compensation, confidentiality, and intellectual property rights. It's designed to comply with Australian legal requirements while being flexible enough to accommodate various industry needs and specific company circumstances. The letter format maintains professionalism while being less formal than a full board director appointment, making it suitable for both established companies and scale-ups seeking strategic guidance.
Suggested Sections

1. Date and Addressee: Formal letter heading with date and advisory board member's full name and address

2. Introduction: Brief introduction stating the purpose of the letter and expressing appreciation for accepting the advisory role

3. Role and Responsibilities: Clear outline of the advisory board member's role, expected contributions, and specific areas of expertise to be utilized

4. Time Commitment: Expected time commitment, including frequency of meetings and any additional consultation requirements

5. Term: Duration of the appointment and any renewal provisions

6. Compensation: Details of fees, meeting attendance payments, and expense reimbursement policies

7. Confidentiality: Obligations regarding confidential information and trade secrets

8. Intellectual Property: Ownership and rights related to any intellectual property created during the advisory relationship

9. Termination: Conditions and process for ending the advisory relationship

10. Independent Contractor Status: Clarification that the role is not an employment relationship

11. Closing and Execution: Signature blocks and acceptance of terms

Optional Sections

1. Conflict of Interest: Additional provisions regarding conflict disclosure and management, particularly relevant if the advisor serves on multiple boards or has competing interests

2. Insurance: Requirements for professional indemnity insurance, particularly relevant for high-risk industries or where advisor provides specific professional advice

3. Share or Option Grants: Include when equity compensation is part of the advisory arrangement

4. Non-Competition: Restrictions on working with competitors, if relevant to the industry or role

5. Media and Public Relations: Guidelines for public statements or media interactions, particularly important for high-profile companies or advisors

6. Travel Requirements: Specific provisions about travel expectations and arrangements, relevant for international or interstate advisory roles

Suggested Schedules

1. Schedule A - Compensation Details: Detailed breakdown of fees, payment schedules, and reimbursement policies

2. Schedule B - Meeting Schedule: Anticipated dates and formats of advisory board meetings for the upcoming period

3. Schedule C - Conflict Disclosure Form: Template for declaring potential conflicts of interest

4. Appendix 1 - Company Background: Brief overview of the company and its current strategic priorities

5. Appendix 2 - Advisory Board Charter: General guidelines and principles for the advisory board's operation

6. Appendix 3 - Expense Policy: Detailed policy regarding reimbursable expenses and claiming procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Technology

Healthcare

Financial Services

Manufacturing

Professional Services

Energy

Mining

Retail

Education

Biotechnology

Real Estate

Telecommunications

Environmental Services

Agriculture

Non-Profit

Relevant Teams

Legal

Corporate Governance

Executive Office

Board Secretariat

Corporate Affairs

Strategy

Risk Management

Compliance

Human Resources

Corporate Development

Relevant Roles

Chief Executive Officer

Company Secretary

Board Chairman

Chief Legal Officer

General Counsel

Corporate Governance Manager

Board Relations Manager

Chief Strategy Officer

Governance Director

Advisory Board Member

Industry Expert

Strategic Advisor

Executive Assistant to CEO

Corporate Affairs Director

Risk Management Officer

Industries
Corporations Act 2001 (Cth): While advisory board members are not statutory directors, certain provisions regarding duties and obligations may be relevant, particularly around confidentiality and proper use of position
Income Tax Assessment Act 1997 (Cth): Governs the tax treatment of payments made to advisory board members and their classification as independent contractors rather than employees
Competition and Consumer Act 2010 (Cth): Relevant for provisions regarding fair dealings and misleading conduct in business relationships
Privacy Act 1988 (Cth): Applicable for handling personal information of advisory board members and ensuring proper privacy protections are in place
Work Health and Safety Act 2011 (Cth): May apply to advisory board members when they are physically present at company premises or engaging in company activities
Confidential Information Common Law Principles: Common law principles protecting confidential information and trade secrets that need to be incorporated into the engagement letter
Independent Contractors Act 2006 (Cth): Relevant for establishing the nature of the advisory relationship and distinguishing it from employment
Copyright Act 1968 (Cth): Important for protecting intellectual property rights and establishing ownership of any materials or innovations developed during the advisory relationship
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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