A new AGB OnBoard Board Effectiveness Survey says AI adoption is racing ahead of formal governance in higher education. Across the sectors surveyed, 92% of board directors reported using AI for board work in the past six months, but only 6% reported having an enforced AI policy at the board level. Higher education governance leaders are urged to treat AI oversight as an accountability requirement rather than an administrative convenience. The survey reports boards with an enforced AI policy rate themselves 88% effective versus 55% for boards without policy, with accreditation and state oversight trends cited as emerging pressure points. For trustees and presidents, the immediate risk is decision-making opacity: accreditation bodies are increasingly asking how institutions document AI-related judgment. Boards need clearer committee roles, reporting pathways, and documented oversight responsibilities.