FBC’s schedule of digital discussions for autumn 2023 kicked off with a Digital Workshop for company secretaries looking the opportunities and challenges of using Large Language Models (LLMs), a form of Generative AI, for producing board minutes.
From FBC’s own polling on this topic, it’s clear that whilst a lot of asset management firms have been doing a huge amount of work on AI operationally within their business, thinking around how it could be used for governance processes is, for many firms, still at a comparatively early stage.
So, inspired by discussions with two of FBC’s Corporate Members in Luxembourg, Tarne Bevan, from M&G and Birgit Moeltner, from Capital Group, FBC hosted a workshop for governance professionals to examine the practical application of LLMs for enhancing efficiencies and effectiveness in board process. Specifically, the group was interested in how these digital tools could be used to improve and streamline the production of board minutes. for company secretaries and governance professionals at member and non-member firms.
Drawing on the expertise of Michael Kollo, CEO of Evolved Reasoning, a Generative AI-based company which provide education materials for business leaders looking to deploy artificial intelligence solutions in their business. Michael has particular expertise in the practical application of LLMs for financial services and the workshop took a sample set of anonymised board minutes and examined how AI could be used to streamline and enhance the process to produce them.
The session tackled questions around the types of LLM tools available, what kind of prompts are required to produce effective minutes and addressed some of the key challenges identified by the audience such data confidentiality and security.
The topic of AI and in particular, the considerations for board directors is a topic that FBC will be returning to in the coming month as part of its Board Effectiveness and Development work. In the meantime, FBC Corporate Members can access a recording of the session and further materials from the discussion via the FBC Member Portal.
Read more about some of the considerations for using Generative AI in the boardroom in this piece by Tarne Bevan.
