Norway’s Sovereign Wealth Fund Chief Seeks State Regulation of AI – FT

(Reuters) – Norway sovereign wealth fund’s CEO Nicolai Tangen has known as upon governments to hurry up the regulation of synthetic intelligence (AI), the Monetary Instances reported on Friday.

The $1.4-trillion wealth fund, the world’s largest, is ready to disclose tips in August on how the businesses it invests in ought to use AI ethically, Tangen instructed the newspaper in an interview.

The Authorities Pension Fund International operates beneath moral tips set by parliament and excludes investments in firms that it says doesn’t respect the rules. Norges Financial institution, the nation’s central financial institution, holds stakes in additional than 9,200 firms globally by way of the wealth fund.

The fund, which owns about 1.5% of all globally listed shares, is a giant investor in tech firms together with Apple Inc, Alphabet Inc, Nvidia Corp and Microsoft Corp, that are all gearing as much as deploy AI to remodel their companies.

The fund can even think about using AI to assist with proxy voting on “tens of 1000’s of motions” at subsequent yr’s annual shareholder conferences, Tangen instructed FT.

Norges Financial institution Funding Administration (NBIM), which operates the wealth fund, didn’t reply to a Reuters request for remark.

(Reporting by Urvi Dugar in Bengaluru; Enhancing by Rashmi Aich)

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