The fund, which invests in around 9,200 companies globally, is set to publish a document focusing on consumers' interests in the field of AI. It encourages transparency in AI processes and robust human oversight. The fund's chief governance and compliance officer, Carine Smith Ihenacho, emphasized the need for companies to offer transparency in their AI processes and welcomed recent self-regulation measures by US tech leaders. The fund's equity investments are heavily skewed towards the technology sector, making up 11.9% of its total value as of the end of 2022.
Key takeaways:
- Norway's sovereign wealth fund, the world's largest stock market investor, is urging the companies it invests in to actively engage with artificial intelligence (AI) to boost profitability.
- The fund's CEO, Nicolai Tangen, sees AI as a 'massive driver for productivity and efficiency,' similar to fundamental business tools like electricity, computers, or the internet.
- The fund's focus is on sectors with pronounced consumer impact, particularly healthcare, finance, and the tech industry, and it expects companies to provide detailed insights into the design, training, and testing of their AI systems.
- Carine Smith Ihenacho, the fund's chief governance and compliance officer, emphasized the need for transparency in AI processes and the role of investors in contributing to AI's ethical evolution.