The GCOT Management would like to thank the members of the Advisory Board for their assistance in reviewing and strengthening the Benchmarks and Enhancements throughout the GCOT journey.
The GCOT has created an advisory board, which is a flexible, informal body, to provide the company's management team with non-binding strategic advice. It shall help budding companies acquire subject matter expertise, coach the CEO or management team, accelerate access to customers and channel partners by making industry-appropriate introductions that increase sale of services. To address the unique industry-specific concerns, such as agricultural, scientific, medical, technical or energy issues this board shall provide advice and provide required professional services wherever required to the GCOT. The idea of informality is key: the members of the advisory board do not have the authority to vote on matters brought to the board of directors and may only attend a meeting of the board of directors if they are invited and provide the guidance to the board members directly apart from the pre-stage discussions. Also, the members of the advisory board are not bound by fiduciary duties and are not entitled to indemnification.
The advisory board enables the GCOT to create an independent forum to test ideas, discuss strategy and receive counsel and focused input from experts. This allows to enhance GCOT’s reputation in the marketplace, show credibility with current and potential investors, increase customer confidence, and attract talent. The advisory board also has the potential to serve as a source for future members for the board of directors. Also, the advisory board can be an independent safe place to discuss the company's strategies and difficulties, helping the board of directors to think imaginatively and avoid groupthink.
Creating the Board is a fairly straightforward process and board of directors has passed resolution officially adopting the advisory board on 02-12-2019, setting a term for the advisory board members that lasts from one to three years. This strikes a balance between stability ensuring that the advisory board members are actively committed to GCOT and turnover that ensures regular infusions of fresh ideas.
The Board of Directors have adopted a charter to define the procedures, determine the nature of the mandate and set goals for the advisory board. In addition, the members sign an advisory board agreement, which is essentially a consulting agreement. The key provisions of the advisory board agreement are confidentiality and invention assignment. Compensation is also always an issue.Advisory board members are selected carefully, providing itself with the opportunity to leverage the knowledge of seasoned industry experts.