BMO Finds 58% of S&P/TSX 60 Boards Lack Disclosed AI Experience

Investing.com··CA·Read original
2▲2 ▼0Impact / 5
Summary · why it matters

BMO research found that 35 of the 60 companies in Canada's S&P/TSX 60, or 58%, have no board director with disclosed artificial intelligence experience, including some financial and technology companies that are among the most active adopters of the technology. The report argues boards do not need AI engineers but should have enough expertise to challenge management's assumptions, assess investments and ensure adequate controls are in place, as Canadian companies increase spending on AI across product development, customer services and workforce management. BMO analyst Doug Morrow wrote that AI-related risks extend beyond investment decisions, citing potential regulatory and legal liabilities, excessive AI-related costs, data privacy breaches, cybersecurity incidents and intellectual property risks. Board-level AI expertise is beginning to emerge among Canada's largest companies, with CIBC adding Prasanna Gopalakrishnan and Bank of Nova Scotia appointing Ralph Hamers, while BMO identified Intact Financial, Canadian National Railway and Nutrien as having among the most AI-fluent boards in the S&P/TSX 60. Shopify and OpenText had the highest proportions of directors with AI experience or knowledge, at 33% and 31% respectively, and Celestica was the only TSX-listed company in BMO's review with a dedicated AI category in its board skills matrix, with four of its nine directors reporting AI competency. Bank of Nova Scotia, CAE, CIBC and National Bank of Canada have established board-level technology committees, Kinross Gold directors participated in seven AI-focused continuing education sessions in 2025, the highest among S&P/TSX 60 companies, and BMO found board AI fluency was not closely linked to directors' age but had a stronger inverse relationship with average board tenure, which ranged from 49 at Shopify to about 71 at Bank of Montreal.

Impact on assets 11

Financials▲ · 3 stocks
Bank of Montreal
BMO
± MixedRegulationrelevance

BMO's own research flags board-level AI expertise gaps and AI-related regulatory/legal liability risks across S&P/TSX 60 companies.

Cloud & Digital Infrastructure▲ · 2 stocks
Open Text Corp
OTEX
▲ PositiveRegulationrelevance

OpenText had the second-highest proportion of directors with AI experience or knowledge at 31%, cited as a governance strength.

Shopify Inc
SHOP
▲ PositiveRegulationrelevance

Shopify had the highest proportion of directors with AI experience or knowledge at 33%, cited as a governance strength.

Defense & Geopolitical Fragmentation▲ · 1 stocks
Information Technology▲ · 1 stocks
Industrials▲ · 1 stocks
Materials▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
Artificial Intelligence▲ · 1 stocks

Off-coverage companies 1

National Bank of CanadaPrivate± Mixed
relevance

© 2026 MarketIVNews