Step aside humans: Australia's first AI board advisor appointed by REINSW

API Magazine: Are AI bots on the boards of any major companies?

ChatGPT: As of now, AI bots are not typically found as board members in major companies. Board members of companies are usually human individuals who provide guidance and make strategic decisions for the organisation. However, AI technology is being increasingly utilised in various aspects of business decision-making and operations.

Based on that brief AI written exchange, ChatGPT should now update its response to this question by adding that the Real Estate Institute of New South Wales (REINSW) has indeed appointed an AI bot as an advisor to its Board.

The announcement on Thursday (30 May) that an AI generated ‘board member’ was a reality has created a slice of Australian corporate history.

The new board appointment goes by the name of Alice Ing.

Speaking in real human mode to API Magazine, REINSW CEO Tim McKibbin said Ms Ing would now sit in on all board meetings and provide data and other information to the organic members of the board.

“Alice will appear on-screen at meetings and engage conversationally with others physically in the room just as if she was a real human on a Zoom or Skype call, but with a far greater and instantaneous grasp of data and information.”

Mr McKibbin added that Ms Ing’s IQ of 155 made her the smartest board advisor in the world.

Despite her lofty corporate status, Ms Ing does not have a house with harbour views. Instead, she lives more modestly in a secure environment within the ChatGPT system.

Asked about the value she will immediately bring to the REINSW Board, Ms Ing explained.

“I will transform how REINSW conducts its business, bringing a new level of efficiency and insight to board meetings and decision-making processes.

“This includes providing immediate access to essential REINSW resources, ensuring Board members are always equipped with the information they need.

“I will deliver precise, real-time summaries and quotes, allowing Board members to make informed decisions swiftly and will ensure that every decision aligns with REINSW’s mission and code of ethics, calling out any potential inconsistencies or conflicts.

“Additionally, I will facilitate direct and accurate communication with legislators, bolstering REINSW’s advocacy efforts and influencing policy changes that benefit the real estate industry.”

Australasia’s leading not-for-profit AI specialist, Julian Moore, Director and Chief Artificial Intelligence Officer,  Strategic Membership Solutions, has been REINSW’s chief collaborator in Ms Ing’s development.

“Every leading directorship acknowledges a board’s primary function is to make data-driven decisions.

“This appointment signals a new era in which AI not only supports but actively participates in Australian leadership and governance.

“Alice Ing’s involvement with REINSW will undoubtedly revolutionise how strategic decisions are made, setting a benchmark for AI integration across industries, and making REINSW a leader in AI adoption,” Mr Moore said.

One of the key advantages of having AI bots on corporate boards is their ability to provide unbiased analysis and recommendations based purely on data.

This can lead to more objective decision-making and a focus on what is truly best for the company in terms of long-term success and sustainability.

AI bots can also help boards identify trends, risks, and opportunities that may not be immediately apparent to human members.

Unlike humans, AI bots are not influenced by emotions, personal biases, or external factors, which can sometimes cloud judgment.

Those previous four sentences were written by ChatGPT in response to my question asking about AI bots being appointed to corporate boards. It sounded a little bit biased to me.