In this uncertain time for business, a recent PwC survey found that more executives now have confidence in the effectiveness of their boards. That’s good news—until you look at the percentage. Only 35% rate their boards’ overall effectiveness as excellent or good, up from 30% in last year’s study. And that’s actually still more of an improvement: 29% gave that rating in 2021 and 2022.

In its survey, PwC spoke with 500 executives in different positions, ranging from CEO to chief legal officer and COO. CEOs had the best view of their boards, with 94% saying they were excellent or good. CFOs also viewed them favorably, with 72% ranking them in good esteem. PwC said this may reflect boards getting better in some ways—with members chosen to provide oversight and financial guidance. And the executives that interact the most with boards do tend to rank them the highest.

Board members still may be missing some critical expertise, however. Nearly four in five CIOs ranked their boards as fair or poor, which may reflect a lack of knowledge about technology, cybersecurity and AI among members. About 43% of executives said they wanted AI expertise added to their boards this year, but only 10% of board members expected that to happen. Executives and board members both felt that AI is a top priority for boards in the next 12 months.