I started working at a large tech company a couple of months ago. I also signed an agreement to be a scientific advisor on the advisory board of the start-up where I used to work.
The problem is, I found out that the moonlighting policy of my current company doesn't allow me to be a member of an advisory board for other companies. It might have been possible to make an exception if I had requested approval in advance. However, I had originally only seen a shorter version of the moonlighting policy which didn't mention the advisory board restriction, so I didn't submit such a request. Now that I have seen the full version with the advisory board clause, I am concerned and I face a dilemma where I can do one of two things:
Terminate the advisory board agreement with the start-up as soon as possible; or
Tell the HR team at my current company about my bona fide mistake and ask them if my moonlighting request can still be accepted as an exception.
If I do choose to request permission to remain on the advisory board, I fear that once they find out that I have signed an advisory board agreement with the start-up, there might be consequences (like getting fired).
On the other hand, I wonder if they would be understanding and possibly even accept my moonlighting request, which would be the best possible outcome.