Well, not exactly.
Created in March 1998, the Advisory Board provides ongoing guidance to the Team on issues of strategy, management, legal matters, process, and conflict resolution. The Advisory Board also serves the Members by tracking issues raised between Advisory Committee meetings, soliciting Member comments on such issues, and proposing actions to resolve these issues. The Advisory Board manages the evolution of the Process Document. The Advisory Board hears appeals of Member Submission requests that are rejected for reasons unrelated to Web architecture
This group is similar to the Board of Directors in a company, although it has no formal executive role.