Redefining Boards in the Age of AI

On 21 February, The BSCC and PA Consulting welcomed our members to Hotel Diplomat for our Redefining Boards in the Age of AI – Seminar. The seminar was the second part of our series on artificial intelligence and covered the crucial question of whether our Boards and top teams are equipped for the strategic challenges presented by AI and, specifically, whether they possess the capabilities to effectively steer their organisations at this time.

Some key takeaways from the seminar:

• Boards will have to transform and adapt to AI.

It is important for Boards to have knowledge and sufficient literacy in AI, just like with sustainability and other areas. This needs to become the new normal. There is also a need to consider the composition of Boards and include technicians and people with expertise. Having the right mix is key, not being skewed in any way, and it will benefit the company in the end.

• There is a need to focus on creating value with AI.

AI offers a lot of possibilities in terms of business opportunities, increasing production and solving problems. The technology is extremely sophisticated, and Boards will benefit from being curious and proactive in asking the ‘right’ questions to the right people (internally or externally).

• Boards need to increase their knowledge of AI and enable that knowledge to be put to use.

Boards need to understand the technology to understand its potential. And even if they do so, there is a problem of Boards not acting on the knowledge they have, often due to legal concerns. Legal departments, as well as other departments, must also level up their knowledge of AI so to reduce internal barriers to actions.