THE NATIONAL LAW INSTITUTE UVIVERSITY, BHOPAL

PROJECT
On
“ARFICIAL INTELLIGENCE AND CORPORATE GOVERNANCE”
(COMPANY LAW PROJECT)

Submitted by
SHIVAM NISHAD
A-2330
2021BALLB33
V SEMESTER
B. A. LL. B. (Hons.)

Submitted to
ASSOCIATE PROF. (DR.) KRATI RAJORIA
13/10/2023

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 AKNOWLEDGEMENT

“The author is grateful to their teachers, friends, and family for their help in completing their
Property Law project. Specifically, the author thanks Prof. (Dr.) S. Suryaprakash and
Professor Krati Rajoria for their guidance and support throughout the project, as well as the
officials of Gyan Mandir, NLIU, for providing the necessary study materials. The author also
thanks their friends and family for their emotional support and encouragement.”

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 DECLARATION

“I, SHIVAM NISHAD S/o MR. LALSINGH NISHAD, Roll Number 2021BALLB33,
Enrolment Number A-2330, do hereby declare that the Project titled “ARTIFICIAL
INTELLIGENCE AND CORPORATE GOVERNANCE” is the outcome of my own research
and guidance provided by PROFESSOR KRATI RAJORIA. The literature relied on, by me,
for the purpose of this Project has been fully and completely acknowledged in the footnotes as
well as the bibliography. The Project has not been copied and all reasonable steps have been
taken in order to prevent plagiarism. In the case of my project turning out to be plagiarized, the
respective professor of the subject shall have the full liberty to ask me to revise the said Project.
If I still fail to comply with these instructions, my project may be referred to the Committee
against the Use of Unfair Means and I shall completely comply with the decision of the said
Committee.”

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TABLE OF CONTENTS

AKNOWLEDGEMENT...................................................................................................................................2
DECLARATION..............................................................................................................................................3
TABLE OF CONTENTS...................................................................................................................................4
INTRODUCTION...........................................................................................................................................5
LITERATURE REVIEW....................................................................................................................................6
STATEMENT OF PROBLEM...........................................................................................................................7
HYPOTHESIS.................................................................................................................................................7
RESEARCH METHOD....................................................................................................................................7
RESEARCH QUESTIONS................................................................................................................................8
OBJECTIVE OF STUDY...................................................................................................................................8
CONCLUSION.............................................................................................................................................17
BIBLIOGRAPHY...........................................................................................................................................18

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 INTRODUCTION

Corporations are distinct legal entities from their shareholders and managers. 1 They can own
assets, sue and be sued, and they have separate liability and existence from individuals. In 2014,
the Hong Kong-based venture company Deep Knowledge Ventures appointed VITAL (Validating
Investment Tool for Advancing Life Sciences), a computer algorithm, to its board of directors.
This event sparked a discussion about the potential role of artificial intelligence (AI) in corporate
governance.2 As artificial intelligence (AI) becomes more sophisticated and pervasive, it is
increasingly being incorporated into corporate governance. This has led to a discussion about the
potential role of AI in the boardroom, with some experts arguing that AI could eventually support
or even replace human decision-making, especially in uncertain environments.3

One approach to AI-assisted corporate governance is assisted AI, in which AI helps humans
make decisions by providing information and analysis, but does not make decisions itself.
Another approach is augmented AI, in which AI and humans work together to make decisions,
with AI playing a more active role in complex tasks. It is also possible to envision a future in
which AI and humans make decisions jointly, through a process of amplified AI.4

The incorporation of AI into corporate governance raises a number of legal considerations. For
example, it is important to consider who is accountable for AI-driven decisions, and how to
ensure that AI systems are fair and unbiased. In this research project, I will first provide a general
overview of AI, including its definition and components. I will then discuss how AI is being
incorporated into corporate boardrooms, and the potential contributions of AI to corporate law. I
will also examine the negative impacts of AI-supported decisions, and conclude by evaluating
the issues raised in the article and proposing solutions to fill gaps in the literature.
1
Florian Möslein, “Robots in the Boardroom: Artificial Intelligence and Corporate Law”(2018), 736/649-670
Research Handbook on the Law of Artificial Intellegence,
<https://www.elgaronline.com/view/edcoll/9781786439048/9781786439048.00039.xml>
2
M.A. Tokmakov, “Corporate Governance Modernization: Legal Trends and Challenges” (2019), SHS Web Conf
/71, Eurasia: Sustainable Development, Security, Cooperation 2019,
<https://doi.org/10.1051/shsconf/20197104011>
3
Michael Hilb, “Toward artificial governance? The role of artificial intelligence in shaping the future of corporate
governance”(2020), Journal of Management and Governance (2020) 24:851–870, < https://doi.org/10.1007/s10997-
020-09519-9 >
4
4 Martin Petrin,, “Corporate Management in the Age of AI”(2019), Vol. 2019 No. 3 Columbia Bussiness Law
Review, < https://journals.library.columbia.edu/index.php/CBLR/article/view/5118 >

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 LITERATURE REVIEW

• The Future of Leadership: Rise of Automation, Robotics, and Artificial Intelligence" by

Brigette Tasha Hyacinth- In this book, Hyacinth delves into the impact of automation and AI
on corporate leadership. She explores how AI is shaping decision-making processes and the
challenges and opportunities it presents to leaders in the corporate world.

• The AI Advantage: How to Put the Artificial Intelligence Revolution to Work" by

Thomas H. Davenport: Davenport's book provides valuable insights into the advantages of AI
across various business functions. It discusses how AI can enhance decision-making and
transform corporate governance by improving the efficiency and effectiveness of processes.

• The Role of Artificial Intelligence in Corporate Decision-Making: AI's role in enhancing

decision-making within corporate governance has been a subject of considerable research. For
instance, Wang and Wang (2020) in their study titled as "The Role of Artificial Intelligence in
Corporate Decision-Making" provided insights into how AI systems can improve decision-
making processes by processing vast datasets and providing timely insights, thereby reducing
human biases.

• Algorithmic Accountability: A Primer by Diakopoulos: The potential challenges posed by

AI systems in corporate governance have garnered attention. A study by Diakopoulos (2016) in
"Algorithmic Accountability: A Primer" delves into the issue of algorithmic bias and its
implications, stressing the need for addressing potential discrimination in AI-driven decisions.

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 STATEMENT OF PROBLEM

The increasing adoption of artificial intelligence (AI) in corporate governance has necessitated a
thorough examination of its implications. While AI has the potential to improve decision-
making, efficiency, and transparency, it also poses various challenges, such as algorithmic bias,
accountability and responsibility issues, and the displacement of traditional jobs. Understanding
the pros and cons of AI in corporate governance is essential for making informed decisions and
developing effective regulatory frameworks for the business world in the digital era.

HYPOTHESIS

The integration of artificial intelligence into corporate governance processes will lead to
enhanced decision-making, increased efficiency, and improved transparency in business
operations, but may also pose challenges related to bias, accountability, and potential job
displacement. Furthermore, a review of existing literature and regulatory frameworks will be
conducted to provide a comprehensive overview of the current state of AI in corporate
governance. Businesses need to be aware of both the benefits and challenges of using AI in
corporate governance. By carefully considering the potential risks and taking steps to mitigate
them, businesses can maximize the benefits of AI while minimizing the downsides.

RESEARCH METHOD

For this project, a mixed-method research approach is employed to comprehensively investigate

the impact of artificial intelligence on corporate governance. Quantitative research involves the
collection and analysis of data from various corporations that have integrated AI into their
governance processes. Qualitative research involved in-depth case studies of select corporations
to provide a deeper understanding of the challenges and opportunities associated with AI
integration. These case studies incorporated interviews, document analysis, and observations to
explore issues of algorithmic bias, accountability, and the potential effects on the workforce.
Furthermore, a review of existing literature and regulatory frameworks is conducted to provide a
comprehensive overview of the current state of AI in corporate governance.

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 RESEARCH QUESTIONS

• To what extent does the integration of artificial intelligence in corporate governance processes
enhance decision-making efficiency and effectiveness?

• What are the key performance indicators and metrics that can be used to quantify the impact of
AI on corporate governance outcomes?

• How does the adoption of AI in corporate governance influence transparency and

accountability within organizations?

• What are the potential challenges and limitations of AI implementation in corporate

governance, particularly in relation to algorithmic bias and discrimination?

• What regulatory and ethical considerations need to be addressed when incorporating AI into
corporate governance, and what existing frameworks or guidelines are in place to ensure
responsible AI use?

OBJECTIVE OF STUDY

• To assess the impact of artificial intelligence on decision-making efficiency and effectiveness

in corporate governance.

• To examine how the adoption of AI influences transparency and accountability within

corporate governance structures.

• To explore the challenges and limitations associated with AI implementation in corporate

governance, particularly focusing on issues related to algorithmic bias and discrimination.

• To analyze the potential implications of AI in corporate governance on the workforce,

including the impact on job roles, the need for upskilling, and the evolving nature of human
professional' roles.

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 SUBSTANTIVE DISCUSSION AND ANALYSIS

In order to examine the relationship between corporations and AI, it is essential to define and
explain the terms of Artificial Intelligence and Corporation. Therefore, in this section of the
project, firstly, definition and features of the corporation will be expressed; secondly, the
definition and components of AI will be explained.

A-CORPORATION

A corporation could be defined as a legal entity that could be separated from its owners.
According to the doctrine, there are various features of corporations; firstly, they have different
legal personalities, in other words, corporations can enter into any agreement independently from
their owners, they could own assets, sue or be sued, secondly, since corporations have limited
liability, creditors have no chance to claim against assets of shareholders due to depts of
corporations, thirdly, shares of corporations could be transferred to third persons; even if
shareholders of corporations change, the existence of corporations continue, fourthly, the
corporations have its own management system which is delegated by shareholders, lastly,
another feature of a corporation is investor ownership which means that right to vote, distribution
of profit and etc. are directly proportional with shares.

B- ARTIFICIAL INTELLIGENCE (AI)

AI is not today’s concept; it is supposed that the first usage of artificial intelligence was realized
by John McCarthy and Myron Minsky in the mid-1950s. As it is known that the definition of AI
has been changing since the invention date of the AI concept, however, one of the most accepted
definitions of AI in today's world is that AI is a system that imitates intelligent human behaviour.
Although, there are lots of definitions of AI, the definitions mentioned above could be classified
in four (4) categories which are (I) “systems could think as humans do”, (II) “systems could act
as humans do”, (III) “systems could think in rationally”, and (IV) “systems could act in a rational
way”. In today’s world, the most essential development in AI is machine learning which could
be defined as AI not only creating answers from the existing data and rules but also it creates
new data and rules from existing. However, the development of AI will not be limited to these, it
will continue to develop rapidly. As it could be seen in the abovementioned explanations of AI
and Corporations, since AI is one of the most important cutting-edge in our age, it could also

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facilitate the functioning of companies. Therefore, the answer of how AI contributes to
companies will be explained below.

III-INCORPORATING AI INTO CORPORATIONS

As above mentioned, advanced algorithms and artificial intelligence are developing every day
and are reshaping business life; also, it is predicted that the efficiency of autonomous systems on
corporations will also increase shortly. However, the developing of technology of AI caused the
questions to occur, how AI and algorithms will take place in corporate rooms?. Because, as it is
known algorithms started to take place both the lowest hierarchy of the companies which could
be exemplified as “Amazon’s box-packing bots” and the highest hierarchy of the companies
which could be exemplified as “Vital”. In today’s world, AI includes various tools and
techniques such as symbolic logic, artificial neural networks, fuzzy systems, evolutionary
computing, intelligent agents and probabilistic reasoning models; these tools and techniques
provide AI to do the coordination of data delivery, the analysis of data, the provision of
forecasts, the development of data consistency, the quantification of uncertainty, the anticipation
of users’ data needs, the provision of information to users in the most appropriate form and,
lastly aforementioned tools and techniques also provide AI to suggest courses of action. One of
the most significant contributions of AI which is provided by using the techniques mentioned
above and tools is supporting human decision-making especially under conditions of uncertainty
or even replacing human decision-making. Therefore, it could be expressed that AI could support
the companies by taking charge both in the highest and lowest levels. However, the decision-
making process needs a large amount of data; the more complex decisions require more data and
well-suited computers, algorithms, and AI; to put it clearly, AI breaks large amounts of data into
small chunks, facilitating giving decisions under uncertain conditions. According to doctrine of
Corporate Governance it could be defined as governance system dominating the entire internal,
external, and administrative affairs of corporations, based on a harmonious, systematic, and
professional working approach, taking into consideration of the interest of entire stakeholders of
the company and the principles of transparency, accountability and fairness. With the entrance of
AI into corporate rooms, the negative and positive consequences of this situation have become
an essential and huge question, but before this, it is necessary to express how AI takes shape in
today’s world and how it could take shape in the future. As it was explained above the vast

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majority of AI applications in today’s world is concerning developing human decision making
(“Assisted AI”) and helping humans to create new things (“Augmented AI”) and a machine
learning system is being used. However, if AI reaches a level in which it gives its own decision,
could expand it and challenges the status quo, it will gain the most advanced role of AI
(“Autonomous AI”). In the following, how artificial intelligence and humans will work together
in corporate companies will be explained in detail.

A-AI as Support and Assist for Human Decision-Makers

AI can collect, analyze, elaborate, and evaluate pieces of information concerning financial or
nonfinancial knowledge, commercial performances of the companies, social media accounts of
the companies, activities of competitors etc. by using owned technology. By AI machines, big
data could be processed in a short period; therefore, in case it is necessary to collect and analyse
big data in short period in the course of decision-making process, AI could be used interactively
by the management of companies. Therefore, AI also provides technological support to the
management of companies. According to the scholars, AI could take place in corporate
boardrooms as assisting or supporting in two ways: “Assisted AI” and “Augmented AI”

1-Assisted AI

Assisted AI system in corporations is a type of AI role that has limited capacity compared with
other types of AI models and lacks autonomy; therefore it provides less productivity than other
AI models. In this type of AI system, humans are still the ones who make the decisions, but; AI
systems support and help humans make decisions such as translation and speech recognition.
According to the scholars, Assisted AI systems could also be labelled as “Narrow AI” and “Soft
AI” and the systems mentioned above could do a better job solely on limited fields. These
systems are primarily accepted by society and could be easily well regulated according to today’s
law system. Assisted AI systems could be exemplified as Apple’s Siri and its Android rival.

2-Augmented AI

Augmented AI could be expressed as the second version of AI in Corporate Boardrooms; As

mentioned above, humans are still decision-makers in Augmented AI systems, but AI helps
humans create new things. In this system, which is also called Advisory AI, AIdriven

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application’s help is more sophisticated and comprehensive than the Assisted AI system one’s;
Augmented AI, which provides a tremendous increase in the company's productivity, has also
improved the level of autonomy compared with the company Assisted AI. Augmentation could
be cited as the emergence of AI and human intelligence in which AI will not replace humans but,
develops them. However, the effect of humans is still more in this AI. Augmented AI systems
could be exemplified as IBM’s Watson.

B-Hybrid Systems (Amplified AI)

Today’s agenda of AI in corporate boardrooms is Assisted AI and Augmented AI because there

is no legal regulation that directly grants to AI legal personality in today’s world. In a hybrid
system, corporations are composed of a mix of human intelligence and AI. In this type of AI, a
joint decision-making system in which the decisions is made by both human and AI is accepted,
but, in today’s world, a joint decision-making system of AI and human is neither socially nor
legally possible. However, despite no need for anthropomorphism (human physical features) to
be an AI, Hanson Robotic’s Sophia, a “humanlike robot” could give an idea of how AI members
of boards will become in the future.

C-AI Replacing Humans in Corporate Boardrooms

Another and most radical AI systems are these systems in which robo-directors replace human
directors and make their own decisions by their selves. In the future, with the development of
technology, AI could gain a talent to evaluate options make decisions, and, by that AI systems
may be able to challenge the status quo. These systems could be cited as “Autonomous AI” and
“Autopoietic AI”. These systems will be explained below as detailed.

1- Autonomous AI

As cited above, AI systems will take place in the corporate boardrooms, but they could also
replace human managers in the future. Because, in autonomous AI systems, AI machines can
make their own decisions and contain decision-making mechanisms in themselves. The most
important examples of autonomous machines are autonomous vehicles which belong to Alphabet
Inc.’s subsidiary Waymo, Tesla and etc. In the near future, this autonomous system will also be
in the corporate boardrooms like Robot Sofia, which was explained above . However, there are

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socially and legally debates related to autonomous AI in today’s world, which could be
exemplified as how the accountability and liability of AI will be regulated.

2- Autopoietic AI

In an Autopoietic AI system, AI machines could make their own decisions, but they can also
develop and expand the decision as mentioned above compared with autonomous AI systems. In
this system, AI intelligence easily surpasses the human brain and, therefore, in the course of the
existence of these systems, human intelligence will be marginalized. Since the application of the
autopoietic AI system could only be a subject to science fiction novels and books, socially and
legally debates have not started yet concerning the autopoietic AI systems. In this section of the
article, the roles of AI in corporate boardrooms for today’s world and the future have been
described straightforwardly; in the subsequent section, the consequences of using AI in the
boardrooms will be discussed.

III-NEGATIVE AND POSITIVE CONSEQUENCES OF INCORPORATING AI INTO

CORPORATIONS

Incorporating AI systems into corporate rooms may have both positive and negative effects on
corporations and individuals. This part of the project will focus on negative and positive affects
of the AI systems in corporate governance

A-Positive Effects of Incorporating AI into Corporations

Firstly, technological transformation and COVID 19 had a tremendous impact on business

management by including zoom and different types of systems. Also, the business format of
corporations is changing day by day. The complexity and rapid transformation of the world make
it difficult to make proper and fast decisions especially in crisis management and, as it is known,
the cost of many mistakes is primarily irrevocable. Since AI systems have cognitive capabilities,
they could be used for reducing the risks; AI systems could be used to interpret intuitive,
psychological, and other behaviours of humans and they help human humans to make informed
decisions and they also inform humans concerning positive and negative consequences of the
decisions. Also, AI systems can analyze large amounts of data much shorter time than human
directors. Therefore, using AI, the risks and costs of decisions could be minimalized. Secondly,

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according to scholars, incorporating AI into corporate boardrooms and decision processes will
decrease agency costs. As is known that the situation in which one of the parties is principal, the
other one is agency and in case there is a conflict of interest between agency and principal,
agency problem occurs. Agency theory aims to prevent the directors to do corruption in the name
of themselves and provide check and balance between shareholders and management with
respect to interest in the company. In today’s world, the collective board model is used to
mitigate risks derived from agency cost; in the collective board system, each director supervises
the other, and in this way, risks arising from human ambitions and conflicts of interest can be
mitigated. However, as it is known AI systems do not have a personal interest as humans do and
they could make decisions without biases; therefore according to the scholars using AI in
boardrooms could reduce agency costs. Thirdly, according to the study that scholars do cites that
AI systems could be used in corporations in selecting the most feasible directors. Applying
corporate governance to the companies increases the financial performance of the companies; in
this context, it is crucial to select the directors from the candidates who are experts in his/her
field. However, it is not easy to select the directors; therefore, many parameters such as needs of
the corporation, financial situation, fields of the company and etc. have to be taken into account.
Since AI systems can analyse large amounts of data much shorter time, AI systems could support
humans while selecting feasible directors.58 This section of the project has explained positive
effects of AI systems on corporate governance with reasons. However, there are also negative
impacts of AI systems on corporations. In the following, we will focus on negative impacts of
the AI system.

B-Negative Effects of Incorporating AI into Corporations

AI systems are mainly used to process data rapidly and make objective decisions. However,
evidence shows that decisions made by the AI systems could negatively affect a group of people.
There are various examples in which AI systems make biased decisions. Since biased decisions
are one of the most important problems of AI systems, we will focus on effect or potential effect
of biased decisions to the corporate governance.

C-Effect of Biased Decisions

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Fairness and discrimination in algorithms is very challenging subject in today’s world. Biased
decisions are one of the most vital threats for AI in corporate governance. There are many
reasons to articulate importance of threat of biased decisions of AI. For example, if AI system
selects white female in recruitment for nursing or excludes Afro American in the treatment of
skin cancer, relevant issues perpetuate bias in AI systems and cause big discrimination to occur
in society. Pursuant to researches, AI algorithms are not neutral, using big and old datas mostly
cause discrimination on minority groups such as women, and/or other traditionally disadvantaged
groups. In other words, AI systems learn informations from the works that are created by
humans. Relation between collected datas and biased decisions could be exemplified with a
mobile application that automatically detects potholes; since richer people have more mobile
phone, application detected more postholes compared to poorer people’s habitat. As a result of
this explanation, it could be mentioned that opinions of AI algorithms shall form in accordance
with collected data which are mostly from human based sources. However, in contrast to general
bias, bias derived from AI algorithms are subtle, unintuitive and intangible. Therefore, it is
difficult to detect and prove bias in algorithms like victims could not easily understand that
algorithms have a bias against themselves. However, there are still several methods to detect
discrimination such as analyzing statistics.

Furthermore, if it is necessary to examine several proven AI systems with being bias in the
course of selecting, some facial recognition systems are also successful at recognizing white men
but very bad at recognizing black people. Google’s voice recognition system had a problem
recognising women’s voices. Apple’s virtual assistant Siri refused to help women reach
information related to abortion. Therefore it could be cited that bias and discrimination in AI
algorithms could also be a big problem in the board of the companies by irrational and biased
decisions regarding critical problems in the company.

D-Other Negative Effects of AI in Corporate Governance

There is also one more issue that humans could face in the future with developing AI systems.
Pursuant to published articles, AI algorithms will increase unemployment in the world;
especially, according to researches, it is estimated that about 47 percent or 54 percent of USA
and EU jobs could be automated in 10 to 20 years. Since AI systems have superior intelligence
compared with humans, AI systems could also cause increased unemployment in corporate

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boardrooms. According to my opinion, since, in near future, AI algorithms will also start to work
in high skilled jobs, this situation has to be taken into account by authorized mechanism. As a
result, although AI systems have both positive and negative effects on human beings, there is no
direct legal regulation related to AI systems; therefore, to avoid the risks, legal regulations
regarding AI’s situation in the corporate boardrooms have to be done.

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 CONCLUSION

With technological development, AI systems have gained tremendous importance in ordinary life and
business life. With the appointment of VITAL (Validating Investment Tool for Advancing Life
Sciences), an algorithm to the board of directors of the Hong Kong-based venture company Deep
Knowledge Ventures in 2014, AI in corporate boardrooms became an essential subject in the 21st
century. AI could be at corporate boardrooms in various ways. Firstly, AI systems could be used to
support and develop human decision making (“Assisted AI”) or provide humans to make new things
(“Augmented AI”). In these types of systems, humans are still decision-makers; however, artificial
intelligence helps humans to cope with uncertainties. Secondly, there could also be “Amplified AI” in
which joint-decision making system will be accepted; in this system both humans and AI make the
decision together and have the same effect on the decisions. Lastly, there are also “Autonomous AI”
and “Autopoietic AI” systems in the literature; in these systems, AI systems could give an
independent decision and expand it. Unfortunately, in today’s world, “Autonomous AI” and
“Autopoietic AI” systems are not feasible both legally and technologically.

However, in the future, AI systems will probably occur in the corporate boardrooms. Incorporating AI
systems into corporate boardrooms have also positive and negative impacts:

1. As it is known that AI systems have cognitive capabilities, they could reduce the risks.

2. Since AI systems do not have a personal interest as humans do, they could make decisions without
biases; therefore, using AI in boardrooms could reduce agency costs.

3. AI systems can analyze large amounts of data in a much shorter time, and AI systems could support
humans while selecting feasible directors.

However, AI systems have some negative impacts, too. For example, bias and discrimination could
also be a tremendous problem for AI systems and AI systems could cause unemployment and lastly,
since there are no direct legal regulations for AI systems, they could also be used for corruption.
Therefore, the most essential precaution for these problems is making legal regulations concerning the
liability and accountability of AI systems.

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 BIBLIOGRAPHY

WEBSITES AND BLOGS

1- Möslein F., “Robots in the Boardroom: Artificial Intelligence and Corporate Law” (2018),
Research Handbook on the Law of Artificial Intelligence,
<https://www.elgaronline.com/view/edcoll/9781786439048/9781786439048.00039.xml>
2- Tokmakov M.A., “Corporate Governance Modernization: Legal Trends and Challenges”
(2019), SHS Web Conf /71, Eurasia: Sustainable Development, Security, Cooperation 2019, <
https://doi.org/10.1051/shsconf/20197104011 >
3- Armour J. and Eidenmüller H., “Self Driving Corporations?” (2019), Harward Business Law
Review/44;<https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3442447>
4- Petrin M., “Corporate Management in the Age of AI” (2019), Vol. 2019 No. 3 Columbia
BussinessLawReview, <https://journals.library.columbia.edu/index.php/CBLR/article/view/511>
5- Hilb M., “Toward artificial governance? The role of artificial intelligence in shaping the future
of corporate governance” (2020), Journal of Management and Governance (2020) 24:851–870, <
https://doi.org/10.1007/s10997-020-09519-9 >

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