The 75th anniversary seminar of Boardman LJT was held on September 4, 2024, at Aalto University. The event focused on value-creating boards and strategic renewal in the age of AI. The event featured relevant speeches and networking.

The anniversary seminar was opened by Satu Koskinen, Boardman LJT Chair. PIC: Julia Ruotsi

Speakers included Norwegian Emeritus Professor Morten Huse, Aalto University Professor Henri Schildt, and Boardman partners Hanna Sievinen and Lauri Ratia.

Opening remarks were given by Boardman LJT Chair Satu Koskinen and Aalto University President Ilkka Niemelä. The panel discussion was moderated by Mikko Kosonen, Chair of Aalto University’s Board.

The goal of LJT is to promote dialogue between research and practice and to facilitate the utilization of research-based knowledge in decision-making.

Value-Creating Boards in the Age of AI

Emeritus Professor Morten Huse, recognized as a leading international scholar on value-creating boards, noted that boards don’t always add value to a company. He emphasized that AI’s advancement will challenge boards. The amount of real-time information will increase, meaning management can get answers directly from AI. Therefore, boards must find ways to provide value that AI cannot offer.

Emeritus Professor Morten Huse is recognized as a leading international scholar on value-creating boards. PIC: Julia Ruotsi

Aalto University Professor Henri Schildt, who researches data-driven management and digital strategies, said that monitoring and analyzing large amounts of real-time data will become easier with AI. AI will enable the identification of patterns and trends within vast datasets. For example, AI can analyze a company’s sales calls, compare the conversations with the company’s strategy, and determine whether the key points emphasized in the strategy are being raised.

Schildt also warned that big amounts of data might take time from something more important, at board meetings as well.

Aalto University Professor Henri Schildt warned that big amounts of data might take time from something more important, at board meetings as well. PIC: Julia Ruotsi

Hanna Sievinen shared her own experiences of piloting AI tools in the board work. Her view is that they can increase board effectiveness but they come with limitations and the risks related to their use must be carefully managed.

Sievinen believes that in the future AI tools will not only improve data visibility and transparency and hence accelerate the clock speed of the decision making but will also, for example, make scenario planning easier for boards. When considering a company’s strategy and renewal, it will become simpler to model the potential outcomes of various decisions.

From left to right in the picture: Mikko Kosonen, Hanna Sievinen, Henri Schildt and Lauri Ratia. PIC: Julia Ruotsi

Lauri Ratia expressed his belief that boards and their members will continue to add value in the age of AI. In younger and growing companies, one of the board’s most important roles is to act as a reference group for management, providing advice, guidance and support.

When a company needs to undergo a transformation or turnaround, the board is critical in defining the new strategy and overseeing its implementation – tasks that AI cannot perform alone.

Event participants networking and exchanging insights after keynotes and panel discussion. PIC: Julia Ruotsi

Text: Karoliina Kuhalampi

Learn more about Boardman LJT here