D&C 90

One of the definitions for "presidency" in the Merriam-Webster dictionary is -

"a Mormon executive council of the church or a stake consisting of a president and two counselors" -

suggesting a unique organization in the LDS Church. By revelation, the Lord said to the counselors of Joseph Smith in the First Presidency -

"...they are accounted as equal with thee in holding the keys of this last kingdom..." (Doctrine and Covenants Section 90:6)

This principle holds true to all presidencies, that counselors are accounted equal with the president in holding keys of the presidency. This doesn't mean that each counselor holds keys, just the presidency by virtue of the keys held by the president. It only suggests that counselors can any that the president can do as directed by the president conditioned that the president has authority to delegate such. Elder John A. Widtsoe taught of the First Presidency -

"...the pre-eminence of the President of the Church was maintained. . . . The Counselors do not possess the power of the President and cannot act in Church matters without direction and consent of the President. All this defined clearly the position and authority of the President of the Church." (Joseph Smith, p. 303.)

To these early counselors of the Prophet, the Lord warned -

"Be not ashamed, neither confounded; but be admonished in all your high-mindedness and pride, for it bringeth a snare upon your souls." (Doctrine and Covenants Section 90:17)

Significant counsel for anyone that serves in a presidency.