Mr Pora, 39, is today a free man after serving 21 years in prison for a crime the Privy Council found he was wrongly convicted of.
Lord Kerr said while delivering the decision that evidence from two medical experts that Mr Pora suffered from a form of fetal alcohol spectrum disorder -and in their opinion that could explain why he made what is now believed to be false confessions -- was a big factor in the outcome.
The board will receive submissions on whether a retrial should be held over the next four weeks.
Stuart Grieve QC - who was commissioned by the Government to assess David Dougherty's eligibility for compensation after his acquittal in 1997 - said today that Mr Pora could be in line for around $2 million in compensation.
If a retrial is not ordered, or if Mr Pora was acquitted at a retrial, he would be eligible to apply for compensation.
Cabinet guidelines specify around $100,000 for every year spent in custody.
"He's had what a lot of people would say is the best part of his life taken from him," Mr Grieve said.
"He was only 17 when all this happened... he's missed out on an awful lot."
Mr Grieve said other factors such as loss of earnings while in prison could push the figure higher while a person's actions before imprisonment could reduce the final compensation figure.
However, compensation would only be granted if Mr Pora's case made it through "significant hurdles", Mr Grieves said.
"Assume for a moment there is no order for retrial, then Mr Pora crosses that hurdle.
"The next hurdle then is the Queen's Counsel... has to be satisfied that the claimant is innocent on the balance of probabilities."
Mr Grieve said he couldn't predict how long the process could take, but said David Bain's five-year bid for compo was a bad example.
"Certainly compensation on its own after acquittal has taken some time [in Mr Bain's case], that's for sure.
"If there was no order for retrial [of Mr Pora] then I imagine the process could begin relatively quickly."
Mr Bain is seeking compensation for more than a decade he spent in jail after being convicted of the murders of his family in 1994.
Advocate Joe Karam told NZME. News Service the process people were forced to go through in a bid for compensation was "absurdly unjust".
He said Mr Pora's successful appeal showed New Zealand's criminal justice system needed an overhaul.
"I think we need a public royal commission of inquiry into the criminal justice system in New Zealand so that we don't have these cases happening."
He said a retrial of Mr Pora would be "ridiculous from so many points of view".
Mr Bain was found not guilty at a retrial in 2009. If he is successful in his compensation bid, it is estimated that he could receive a multi-million dollar payout.
In 2001, the Government awarded David Dougherty $868,728 in compensation for the three-and-a-half years he spent in jail after being wrongly convicted of abducting and raping an 11-year-old girl.
Mr Grieves said since the compensation was made to Mr Dougherty the Cabinet guidelines had specified $100,000 per annum.
- By Sophie Ryan of NZME
