Norway’s Sovereign Wealth Fund Urges Companies to Govern AI Responsibly

Norway's $1.7 trillion sovereign wealth fund stresses the need for companies to strengthen AI governance at board level. The fund, holding stakes in nearly 9,000 companies, urges responsible AI use for profit and consumer safety. This initiative aims to manage AI’s risks, with a focus on healthcare and Big Tech.

Norway's $1.7 trillion sovereign wealth fund, one of the world's largest investors, is urging companies to enhance AI governance at board level to mitigate risks. Top official Carine Smith Ihenacho told Reuters that more competence-building is needed among boards regarding AI usage.

Norges Bank Investment Fund, with stakes in about 9,000 companies, previously issued guidance urging responsible AI engagement for profitability. According to Ihenacho, boards need collective understanding and policies addressing AI risks and usage transparency.

Though not naming specific companies, the fund has communicated its AI views to boards of 60 major firms. It is particularly focused on healthcare applications of AI and pressing Big Tech for solid governance structures. Tech giants like Microsoft and Apple, significant equity holdings for the fund, contributed to a strong return in the first half of the year.

(With inputs from agencies.)