From left to right: Susan Christoffersen, Dean, Rotman School of Management; The Right Honourable David Johnston, former Governor General of Canada; Jochen Tilk, Director; Claude Lamoureux, Former CEO, Ontario Teachers’ Pension Plan; Wes Hall, Executive Chairman and Founder, WeShall Investments Inc.; Alexander Dyck, Professor and Academic Director – Johnston Centre, Rotman School of Management; David Beatty, Professor of Strategic Management, Rotman School of Management; Françoise Bertrand, o.c., c.q., Chairperson of the Board of Directors, VIA Rail Canada.
Board Governance and the Digital Tsunami: An Event to Honour David Beatty
Friday April 12, 2024. 1-6pm EDT
The Johnston Centre was pleased to present an outstanding half-day conference on the transformative effects of digital disruption on Board Governance practices. We had in attendance industry leaders providing actionable strategies to help participants navigate challenges and seize opportunities in today's changing landscape. Topics included AI strategy, cybersecurity, social media and private capital. Additionally, we celebrated the outstanding leadership of David Beatty and his invaluable contributions to corporate governance innovation and education at the Johnston Centre.
Key themes
Urgency: The connective tissue among all of the topics of the day from AI to cybersecurity to regulation was the tremendous risk of being slow. Organizations that wait risk losing out on investment, being exploited by bad actors, or becoming obsolete altogether.
Start small: When big risks are combined with high pressure, many leaders take time to carefully consider all their moves. The speakers urged participants to start small and start now. Any risk of being wrong will be outweighed by the risk of being too slow.
Potential is just as important as risk: It is a mistake to think of transformative technology only through the lens of downside risk. Organizations that see potential that their peers don’t will have a significant first mover advantage. Examples include AI as a purely creative tool (e.g. architects) or John Deere’s shift from simply manufacturing tractors to managing the health of individual plants.
Many factors are in tension: Not only do corporate leaders need to manage the tension between urgency and risk, but need to do so in a murky and evolving global regulatory environment. Corporate culture must also transform to meet the increasing pace and evolving need for talent. None of these are excuses for inaction!
Trust matters: All of these changes are happening at the same time that investors, consumers and communities demonstrate massive shifts in trust in companies and institutions. Transparency will play a critical role in building and maintaining trust, especially as leaders will continue to be held accountable for critical decisions.
Participant presentations and recommended readings
Session #1 – AI, Disruption and Strategy
Avi Goldfarb
Rotman Chair in Artificial Intelligence and Healthcare, Rotman School of Management
Presentation
Recommended Readings:
Nicolas Darveau-Garneau
AI Strategist and Board Member
Presentation:
Recommended Reading:
Session #2 – Cyber Security, Social Media and Corporate Reputation
Christoph Schiller Assistant Professor of Finance, W.P. Carey School of Business, Arizona State University
Presentation:
Hacking Corporate Reputations
Recommended Readings:
Michael Parent Professor and Academic Director – Directors Education Program, Beedie School of Business, Simon Fraser University
Presentation:
The AI Cybersecurity Arms Race
Estelle Métayer Board Member, Bombardier Recreational Products, Audemars Piguet, Martur; Chair of the Board, Nortera
Presentation:
Social Media Governance and Oversight
Recommended Readings:
Session #3 – Private Capital and the Tsunami – Silicon Valley and Canadian Perspectives
Kim Furlong CEO, Canadian Venture Capital Association (CVCA)
Evan Epstein Executive Director, UC Center for Business Law and Adjunct Professor, University California Law, San Francisco
Presentation:
AI Governance Trends from Silicon Valley
Recommended Readings:
Session #4 – Digital Disruption and Implications for Governance and Boards
David Beatty Professor of Strategic Management, Rotman School of Management
Recommended Reading:
Jochen Tilk Director
Françoise Bertrand, o.c., c.q. Chairperson of the Board of Directors, VIA Rail Canada
Wes Hall Executive Chairman and Founder, WeShall Investments Inc.
Recommended Reading:
Claude Lamoureux Former CEO, Ontario Teachers’ Pension Plan
Recommended Reading:
What we’re talking about
We’ve curated a collection of research and resources on board effectiveness and corporate governance.