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Norway’s sovereign wealth fund CEO wants AI regulation.

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Artificial Intelligence words are seen in this illustration taken March 31, 2023./Dado Ruvic/Illustration

Friday’s Financial Times reported that Norway sovereign wealth fund CEO Nicolai Tangen urged nations to speed up AI legislation.

Tangen told the newspaper that the world’s largest wealth fund, $1.4 trillion, will release ethical AI rules in August.

Parliament’s ethical principles prevent the Government Pension Fund Global from investing in unethical enterprises. Norway’s central bank’s wealth fund owns around 9,200 enterprises.

The fund, which holds 1.5% of all worldwide listed shares, invests in tech companies, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Nvidia Corp (NVDA.O), and Microsoft Corp (MSFT.O), who are all preparing to use AI to change their businesses.

Tangen told FT that the fund might use AI for proxy voting on “tens of thousands of motions” at next year’s annual shareholder meetings.

The wealth fund’s operator, Norges Bank Investment Management (NBIM), did not react to Reuters.

 

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