Board Structures and AI Leadership in Banking: Evidence from the Top 10 Banks in the Evident AI Index (2020–2024)
Board Structures and AI Leadership in Banking: Evidence from the Top 10 Banks in the Evident AI Index (2020–2024)

Author(s): Aleksandrina Pancheva
Subject(s): Economy, Business Economy / Management, Financial Markets, Accounting - Business Administration, ICT Information and Communications Technologies
Published by: Икономически университет - Варна
Keywords: bank; board structure; corporate governance; evident AI Index
Summary/Abstract: Background and aim: The purpose of this article is to examine the structure and dynamics of the boards of leading banks included in the Top 10 of the Evident AI Index 2025 for the period 2020–2024. The index is used as a reference for identifying banks recognized as leaders in the application of artificial intelligence. After the corporate governance reforms following 2008, bank boards today face new challenges driven by digitalization and AI transformation.Scope: The analysis covers the period 2020–2024 and uses annual reports, proxy statements, corporate governance reports, and documents from annual shareholders’ meetings.Methods: A mixed approach is applied, combining documentary and statistical analysis of board indicators to identify trends observed among the Top 10 banks from the Evident AI Index.Results: The results show that the boards of AI-oriented banks are independent but generationally conservative, with long mandates and limited participation of younger leaders. Half of them apply CEO dualism and traditional committees but still do not fully meet the criteria for digital and technological competencies, therefore remaining technologically vulnerable despite their AI-leading position.Conclusions: The study shows that banking structures adapt slowly to changes in the technological environment. The corporate governance principles adopted in previous years transformed the boards and changed their perceptions of diversification, independence, and security.Originality: The study offers a new perspective on the characteristics of bank boards through the prism of AI leaders, building upon existing research on corporate governance by evaluating the boards of banks in the context of the requirements of the new digital and AI-oriented world.Practical implications: The results provide guidelines for strengthening board policies to meet the challenges of digitalization and artificial intelligence. The study emphasizes the need to improve the technological and digital competencies of directors to support the process of technological transformation of institutions. The study also contributes to the discussion of how challenging it is for boards, given their specific characteristics, to successfully adapt to the AI-driven environment of modern banking.

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