Norway’s sovereign wealth fund chief seeks state regulation of AI, Financial Times reports

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(Reuters) – Norway sovereign wealth fund’s CEO Nicolai Tangen has called upon governments to speed up the regulation of artificial intelligence (AI), the Financial Times reported on Friday.

The $1.4-trillion wealth fund, the world’s largest, is set to reveal guidelines in August on how the companies it invests in should use AI ethically, Tangen told the newspaper in an interview.

The Government Pension Fund Global operates under ethical guidelines set by parliament and excludes investments in companies that it says does not respect the guidelines. Norges Bank, the country’s central bank, holds stakes in more than 9,200 companies globally through the wealth fund.

The fund, which owns about 1.5% of all globally listed shares, is a big investor in tech companies including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Nvidia Corp (NVDA.O) and Microsoft Corp (MSFT.O), which are all gearing up to deploy AI to transform their businesses.

The fund will also consider using AI to help with proxy voting on “tens of thousands of motions” at next year’s annual shareholder meetings, Tangen told FT.

Norges Bank Investment Management (NBIM), which operates the wealth fund, did not respond to a Reuters request for comment.

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