Boards build the oversight. Substance leads signal.
90% of Nasdaq-100 boards carry an operative oversight mechanism — a charter clause that says the committee shall oversee AI. Only 71% stop at an aspirational statement. Enacted runs 19pp ahead of stated.
Everywhere we look, mechanism leads messaging.
Each row is a cohort. The distance between the two dots is the substance premium: how far enacted oversight runs ahead of stated commitment.
Cohort by cohort
Gap = share with signal minus share with substance. Negative wherever coverage is real: more firms show an enacted board mechanism than an aspirational one.
| CohortCohort | FirmsFirms w/ board ev. | Gap | |||
|---|---|---|---|---|---|
| Nasdaq-100 | 42 | 90% | 71% | 4 | -19pp |
| Insurance | 24 | 92% | 54% | 2 | -37pp |
| Top-50 Tech | 33 | 91% | 64% | 3 | -27pp |
| Nasdaq Semis | 7 | 86% | 71% | 1 | -14pp |
| Top-50 Banks | 8 | 100% | 88% | 0 | -12pp |
| Nasdaq Software | 8 | 88% | 63% | 1 | -25pp |
| Internet & Media | 6 | 83% | 100% | 1 | 17pp |
| Healthcare | 4 | 100% | 50% | 0 | -50pp |
| Managed Care | 6 | 100% | 83% | 0 | -17pp |
Provenance
- Source table
- aigma_emissions (live Supabase)
- Filter
- channel = 'B' and superseded_by is null (current 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 (DEF 14A) channel only, which over-represents substance because a proxy-statement charter is operative by construction. 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.