Board AI oversight, enacted vs. stated. Substance leads signal.

81% of the 57 Nasdaq-100 firms whose board disclosures mention AI show an operative oversight mechanism, such as a committee charter that says it shall oversee AI. 70% make an aspirational statement, and 11 stop at one. Enacted runs 11pp ahead of stated. Firms whose board disclosures never mention AI are not counted.

Data: live, current emissionsChannel: Board & personnelRollup: firm-levelCoding: live

Cohort by cohort

The direction differs by cohort.

share of disclosing firms

Each row is a cohort. The distance between the two dots is the substance premium: how far enacted oversight runs ahead of stated commitment. Some cohorts rest on only a handful of firms, so read small-n rows as directional, not settled. The cohorts overlap (the Nasdaq sector rows are subsets of Nasdaq-100), so agreeing rows are not independent confirmations.

Fig. 1 · Substance premium by cohortBoard & personnel

0%25%50%75%100%

Nasdaq-100 n=57

+11pp

Insurance n=24

−29pp

Top-50 Tech n=36

+14pp

Nasdaq Semis n=12

+17pp

Top-50 Banks n=10

+0pp

Nasdaq Software n=11

+18pp

Internet & Media n=7

+0pp

Healthcare n=6

+17pp

Managed Care n=6

+17pp

Substance: enacted board mechanismSignal: publicly commits, may or may not enact

The same pattern, as data

Cohort by cohort

substance ≥ signal

Gap = share with signal minus share with substance. A negative gap means more firms show an enacted board mechanism than an aspirational one; a positive gap means signal leads. Small-n cohorts can swing either way.

Fig. 2 · Firm-level rollupcurrent emissions

CohortCohort	FirmsFirms w/ board ev.	Substance	Signal	Signal-only	Gap
Nasdaq-100	57	81%	70%	11	−11pp
Insurance	24	54%	83%	11	+29pp
Top-50 Tech	36	78%	64%	8	−14pp
Nasdaq Semis	12	67%	50%	4	−17pp
Top-50 Banks	10	90%	90%	1	0pp
Nasdaq Software	11	82%	64%	2	−18pp
Internet & Media	7	100%	100%	0	0pp
Healthcare	6	100%	83%	0	−17pp
Managed Care	6	100%	83%	0	−17pp

Reproduce it

Provenance

live Supabase

Source table: aigma_emissions (live Supabase)
Filter: channel = 'B', superseded_by is null and retracted_at is null (live emissions only)
Rollup unit: firm. Has substance if it carries ≥1 SUB emission; has signal if ≥1 SIG.
Script: scripts/panel-study/compute-board-sub-sig.ts

All figures read the Board & personnel channel only: DEF 14A proxy statements plus board rosters, leadership bios, and AI board or committee announcements. Proxy-statement charters are operative by construction, so the channel leans toward substance. Read it as board-level oversight, not a company's overall AI maturity. Absence of a coded emission is absence of disclosure, not proof a mechanism does not exist.