At the most recent OpenSpace event we tackled the perpetually topical subject of AI.
How dubious should CoSecs be about what could be an existential threat to the discipline… or how excited should practitioners be about how it'll free them up to do more interesting and valued tasks.
The following blog is based on a presentation and resulting conversations that took place at the 25th April OpenSpace under Chatham House Rules.
Drafting Minutes... but what else?
Across the board it was observed that AI tools, although a cause for moderate concern in the short-term, could be instrumental in helping CoSecs free up valuable time. Draft routine resolutions as well as meeting minutes which do not vary much from year to year/meeting to meeting, would be first in the cross-hair.
Likewise, the very real challenge around ensuring recordings are accurate as well as that discussions not meant for official minutes are not recorded must not be ignored. However, it was observed that as long as these tasks are used in a controlled environment to ensure that inside or sensitive information is then not available for everyone to see — these concerns can be somewhat mitigated.
It's essential to recognise that, although staggeringly impressive to our eyes today, most publicly available AI tools are still a work in progress. Anyone who had used an AI tool couldn't help but feel a little awestruck — but it is immediately apparent that these tools can't think for or like us (yet!).
And whist it is true that many businesses may have hesitated to adopt external AI solutions due to data security concerns in the past, CoSecs could find themselves at the forefront of this adoption, weighing up any efficiency gains against potential vulnerabilities.
Who is responsible?
Firstly, establishing a clear and robust Responsible Use of AI Policy, much like how all companies now have in-depth and well thought out social media policies, could help strike the right balance and mitigate those efficiency and vulnerability concerns. CoSecs could be integral in the outlining guidelines for adoption, data privacy, and security in one tangible and coherent document with regular training being equally imperative to ensure that any tool is used ethically.
Secondly transparency, when the use of AI is involved in a task, is crucial. CoSecs should communicate openly with all stakeholders about AI's role, limitations, and potential impact on decision-making.
Finally, certainly at this early stage of AI adoption, there is no substitute for human oversight. AI can process vast amounts of data but it still lacks the nuanced judgment that only humans provide. CoSecs must exercise human oversight to ensure ethical decision-making: an AI should augment, not replace, human judgment.
Can we trust AI? Is it after my job?
CoSecs, like most disciplines and industries, will need to grapple with the thorny issue of trust. Will CoSecs ever get to a point where AI can be used without a layer of human judgment? Job security therefore represents a clear and legitimate concern. But why is this concern not quite justified at this moment in time? Because AI is presently an average of everything - data-driven and devoid of human context as it is only as good as the data that feeds it. So rather than fearing job displacement, CoSecs should embrace AI as a collaborator. Those who can work effectively alongside AI will thrive and those CoSecs with that blend of human judgment and AI proficiency will be in demand.
The Road Ahead
In summary, the future lies in collaboration. CoSecs, as they play a pivotal role in shaping corporate governance, are in a position to champion AI adoption. But advancements are necessary as the tools need to evolve to understand context, nuances, and the intricacies of boardroom discussions, for example. But by adhering to ethical principles, combined with human judgment, AI will help CoSecs not only save time but crucially provide more robust governance frameworks.
Luke Alexandrou
Senior Client Solutions Manager
Computershare runs regular OpenSpace events where future Company Secretary leaders are invited to share experiences, learn from peers and ask questions. If you'd like to attend future event please email: Luke.Alexandrou@computershare.co.uk