February 2023: Investor Statement in Support of Digital Rights Regulations European Union Artificial Intelligence Act

As AI continues to find its way into our daily lives, as with all technological innovation, it brings the potential to advance and harm society. The United Nations' human rights chief in 2021 called on member states to put a moratorium on the sale and use of artificial intelligence systems until the "negative, even catastrophic" risks they pose can be addressed.

Companies need to respect human rights throughout their operations and value chains as outlined in the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises. 

Investors recognize the need for rights-respecting regulation to enable responsible business conduct, and while we welcome the European Commission’s proposed Artificial Intelligence Act (AI Act), we are also calling for the EU regulatory bodies to consider and include changes to the proposed regulation to ensure the rights of all members of society are protected and does not limit civic freedoms and democratic processes.

The full investor statement including the list of 149 global institutional investors signatories, representing over US$1.66 trillion (Euro €1.55 trillion) in assets under management and advisement, can also be read in the below pdf. 

If you have any questions or wish to learn more of how investors are supporting efforts to enable and incentivize trustworthy AI, please contact Anita Dorett at adorett@iccr.org.