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A TCB Benchmarking Release
18 May 2023 / Report
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AI promises to have a profound impact on business and society; here are three ways boards can set their companies up for success with the technology.
In a survey of more than 600 C-suite executives by PwC and The Conference Board, most rate their boards’ overall effectiveness as middle of the road: 56 percent say their boards are doing a fair job, while only 29 percent rate it as good or excellent.
Boards receive high marks in having a firm grasp of corporate strategy (85 percent of respondents), key business risks and opportunities (72 percent), and the competitive landscape (62 percent). Moreover, 68 percent are confident that their boards effectively engage with shareholders.
But executives have concerns about who is on the board: 75 percent want to replace either two or more of their directors; what knowledge they bring to discussions: 50 percent say their boards do not understand the impact of digital technologies or the company’s climate strategy; and how they engage in the boardroom: only 33 percent say their boards ask probing questions.
The report also offers practical guidance on how boards can improve their performance, with the overarching recommendation being that boards need to partner closely with the C-suite in improving board effectiveness.
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