Most has been said before - but if it is a legal requirement for compliance etc - then doing it cheap isn't an option (unless your director wants to end up with a big fine when his cheapo solution doesn't produce the goods)
To restate - RAID is fine for online resilience - but you need to have a proper backup regime - and you need to consider backup frequency - you might think monthly is OK - but depending on the volume of documents, weekly might be an option. Your backup needs to be done twice - once for on site retrieval, and again for offsite archive - offsite can be another office - if you have one - preferably in a fire proof safe. Your onsirte backups should ideally be in a fireproof container too.
This is not a trivial subject - there is a world of difference between backing up a commercial enterprise where you have legal obligations, and a backup system for a home system.
Oh yes - tape is really the only way to go - stored properly, a tape should last 20 years - DVDs may not last more than 5.
One other option might be to microfilm the documents although even microfilm is bulky. However it is durable! As for tape - probably some form of LTO system - Ultrium 2, 3 or 4 - each tape will store 200, 400 or 800 Gb uncompressed - they have hardware compression built in, so you can pretty much double that capacity.
Think about the on costs too - an Ultrium 2 tape costs between £15 and £20 - and you need one for each backup (don't reuse them or use one for multiple backups)
You wil also need to keep an index (probably manual in a book) so you can retrieve the tape when you need to access the documents.
Remember - if you are backing up weekly, you are looking at 50 or so tapes a year - 1000 over 20 years - and that too will be bulky. Backing up monthly might be more realistic.
But you need to sit down with your director and identify exactly what the requirement is - and then build a solution to meet that requirement.