NEW YORK - Imagine sitting on the board of a thriving global corporation in 1980, before anyone had ever heard of a chief information officer. How could one have possibly imagined what the future held in store?

Personal computers, the World Wide Web, e-commerce, social networks, smartphones, Big Data.

Companies quick to grasp the power of each historic advance often gained an unprecedented competitive advantage, while others made farcically bad technology bets, suffered ignominious data breaches, and watched helplessly as tech-savvy competitors hijacked their markets.

In 2021, artificial intelligence (AI) holds the comparable potential to disrupt and reshape the world. AI is already delivering more impact, far more quickly than many anticipated. The sweeping potential of AI creates one of those rare instances where one can say, “It will change practically everything,” and not even be remotely hyperbolic.

Your board has a clear fiduciary duty to actively consider AI’s manifold implications for the future welfare of the company and its shareholders. That clear duty, combined with the historic portent of AI, more than justifies forming an AI council without delay.

What, Why, and How?

What: The AI council is an advisory group with a board-level mandate to ensure that company strategy actively anticipates and keeps pace with AI advances. The body also drives efforts to establish clear and sufficient AI development and application guidelines to assure that its practices are ethical and fiscally responsible.

The AI panel also maintains a holistic and forward-looking view of AI, considering both its long-term and near-term implications. Its overarching goal is to guarantee shareholders, customers, employees, and society benefit as muc