This chapter delves into the pivotal role of boards in shaping AI operational capabilities by establishing comprehensive frameworks across three core areas. First, it addresses Guiding Data Strategy and Governance, emphasizing data as a mission-critical asset and the necessity for robust governance frameworks. Boards are encouraged to recognize the strategic value of proprietary data and integrate it with foundation models, while simultaneously defining clear roles and responsibilities to navigate evolving regulatory landscapes. Next, we explore Guiding AI-Driven Innovation by outlining strategies for embedding AI into corporate growth agendas. We highlight the importance of setting measurable innovation objectives, fostering a culture that embraces ethical AI practices, and developing leadership that champions both transformative ideas and risk management. This section underscores the need for dedicated committees and innovation metrics to drive sustainable technological advancement. Finally, in Guiding Ecosystem Value Co-creation, the focus shifts to stakeholder governance and the technical principles of interoperability, data liquidity, and federated learning. Boards are advised to cultivate collaborative ecosystems, ensuring that partnerships, shared data practices, and adaptive governance mechanisms work in tandem to maximize AI’s potential while mitigating systemic risks.