Nasdaq (Nasdaq: NDAQ) today announced its Capital Access Platforms division has introduced new artificial intelligence (“AI”) powered capabilities for the Nasdaq Boardvantage® Board Portal on Microsoft Azure. These capabilities, powered by Microsoft Azure OpenAI Service, are designed to help governance teams quickly summarize board materials, which can help to highlight crucial information and provide strategic insights and actionable recommendations. This may not only equip board members with essential information for informed decision-making, but also help governance teams with time and cost savings, so they can focus on vital board initiatives.
“The future of the boardroom is at an inflection point – board members are facing ever-evolving pressures and are expected to manage increasing risks and responsibilities with historically limited technological support,” said Jeff Thomas, Executive Vice President of Nasdaq’s Corporate Platforms business. “The document summarization capability is the first of a series of planned AI-enabled offerings for Nasdaq Boardvantage customers as we bring an intelligent layer to the board portal and reflects our commitment to empowering boards to navigate the complexities of corporate governance and redefine what’s possible through integrated solutions. Our collaboration with Microsoft allows us to unlock greater business insights, accelerate innovation and optimize operational excellence for our clients.”
A Nasdaq survey found board members are looking to technology for new ways to be more efficient and data-informed, with 84% of respondents indicating that they expected increased or sustained scrutiny and time requirements for board service. Nasdaq expects that the integration of generative AI into Nasdaq Boardvantage will help automate historically cumbersome and manual governance processes – such as summarizing reports, presentations and agendas – and enable directors to be better prepared for meetings.
“We are excited to collaborate with Nasdaq on innovative, AI-powered solutions to better serve its clients around the world,” said Judson Althoff, executive vice president and chief commercial officer at Microsoft. “By migrating its board portal application Nasdaq Boardvantage to the Microsoft Cloud, Nasdaq is able to unlock new generative AI experiences—including a document summarization capability built on Azure OpenAI Service — to help board members increase efficiency of communications and gain insights for more informed decision-making.”
Nasdaq Governance Solutions is used by nearly half of Fortune 100 clients across more than 4,500 organizations. As part of the collaboration with Microsoft, Nasdaq is migrating its Nasdaq Boardvantage platform onto the Microsoft cloud so that all its customers can take advantage of the new generative AI capabilities. Nasdaq Boardvantage® on Azure is currently available for customers in Asia and is being rolled out in North America now with plans to roll out to other geographies in the future.
Future of the Boardroom
The fast-paced world of corporate governance continues to evolve as board and governance professionals face increasing demands from more diverse stakeholders. Coinciding with today’s launch, Nasdaq is pleased to host a “Future of the Boardroom” virtual event on May 31, 2024, that will congregate senior executives and leaders from across the governance ecosystem to discuss the latest trends impacting board performance, as well as innovative technologies to help drive productivity. To register to attend Future of the Boardroom, click here.
