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Glossary

Glossary

Advisory Board

This group of experts, which typically consists of three to seven members, sits alongside the company's board of directors and is usually composed of reputable persons in the company's fields of activity. The board convenes periodically, but its decisions have no legally binding effect. Venture capital funds typically also have their own advisory board, composed of industry experts.



Agency Problem

Conflict between managers and owners of a company, where the manager (the agent) incentives, and hence actions, are not aligned with the those of the owners (the principals).




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