Like few topics before it, generative artificial intelligence (GenAI) has dominated discussions in many C-suites over the last year. Boards are playing a crucial role in both encouraging management to accelerate the pace of exploration of GenAI and urging management to put in place appropriate policies and guardrails for the development, deployment, and use of the technology. As the market moves from experimentation to company-wide use and potential transformation, providing effective board oversight has never been more challenging, or more important. This paper provides directors with a foundational view of GenAI and offers insights into key areas of focus and questions to ask as the board helps management prepare for the challenges and opportunities presented by GenAI.