Who is the "The Board" theory

The "Board" is the heart of the mystery of the show. We only hear them through Natalie and the crackle of the receiver speaker. I think it is quite clear that the Board is not a normal board composed of regular people. Here is my theory (which is really putting together what others have already suggested):

• The Board consists of all the past Eagan CEOs seen in the perpetuity wing, with Kier being the Chairman of the Board. Lumon is basically a cult disguised as a company to continue the existence of the Eagan line and resurrect the Board. Lumon seems to have already apparently found a way to bring the consciousness of the board back alive.
• The Board is disembodied and cannot yet speak. Natalie has some kind of surgical / neurological enhancement that allows her alone to listen and interpret the Board's thoughts and brainwaves through her earpiece which she wears at all times. Natalie is afraid of the Board, but is permanently tied to it as its human mouthpiece.
• The Board is literally the wax figures in the perpetuity wing. They cannot yet come alive, but their consciousness is somehow implanted in the wax figures. The board is completely immobilized because like a brain without a body, it cannot hear, speak, or listen without other appendages. Natalie is that appendage for now. Spoiler: we also see the wax statute of Kier's head turning to the camera on its own in a season 2 trailer
• The Cold Harbor file, and the work MDR is doing is about finding a way to fully bring back the Board in corporal form and worship Kier without the need of relying on Natalie as the Board's human body.