Final answer:
An advisory board provides advice and guidance to a company, whereas a fiduciary board has legal and ethical responsibilities to act in the best interests of the organization.
Step-by-step explanation:
An advisory board is a group of individuals who provide advice and guidance to a company or organization. They may have expertise in specific areas relevant to the company's operations and can offer insights and recommendations on various issues. Advisory boards are typically non-binding and do not have fiduciary responsibilities to the organization.
On the other hand, a fiduciary board, such as a board of directors, has legal and ethical responsibilities to act in the best interests of the organization. They are accountable for making important decisions and have fiduciary duties to the company and its stakeholders. Fiduciary boards are responsible for setting policies, overseeing management, and ensuring compliance with laws and regulations.