Pension savers are concerned over the risks Artificial Intelligence (AI) developments by tech giants Alphabet (owner of Google), Meta (owner of Facebook), and Amazon - could pose to society, as well as a lack of online content moderation, a PensionBee survey1 has revealed.
As these companies gear-up for their respective Annual General Meetings (AGMs), pension savers are calling for increased transparency and accountability regarding AI-driven practices.
These issues raise significant concerns regarding privacy, democracy, and societal well-being. The rapid proliferation of AI technologies, especially in targeted advertising, misinformation dissemination, and algorithmic decision-making, has prompted widespread apprehension among individuals and communities globally.
As tech giants deploy increasingly potent AI algorithms with widespread implications, there’s growing recognition for the necessity of strong oversight and accountability mechanisms. Pension savers are acknowledging the urgency of addressing these concerns to protect the broader interests of society.
The survey, conducted by PensionBee a leading online pension provider, sheds light on savers’ sentiments regarding AI-related risks within major tech companies highlighting numerous key concerns that are being put to shareholders this AGM season.
Amazon: The human rights impact of AI deployment, including the potential for strengthening authoritarian governance and perpetuating biases, is a pressing concern among investors. PensionBee’s survey shows that 68% of respondents are in favour of a resolution urging Amazon’s Board to establish a committee of independent directors on AI to address associated risks. Amazon’s AGM is scheduled for 22 May 2024.
Meta (Facebook) and Alphabet (Google): The risk of misinformation amplified by generative Artificial Intelligence (gAI) is a significant concern, particularly considering critical elections in various countries. PensionBee’s survey indicates that 68% of respondents support a resolution requesting Meta’s Board to issue a report assessing the risks associated with gAI and outlining remedial measures. Meta’s AGM is slated for 31 May 2024 while Alphabet’s will be held on 7 June 2024.
Alphabet (Google): Pension savers are increasingly concerned about the human rights impact of AI-driven advertising practices. Algorithmic systems used for targeted advertising have the potential to exacerbate discrimination and other human rights violations. PensionBee’s survey reveals that 65% of respondents are in favor of a shareholder resolution calling for an independent third-party Human Rights Impact Assessment of Google’s advertising policies and practices. Alphabet’s AGM is scheduled for June 7, 2024.
Research by PensionBee, released earlier this month, showed that on average, around 10% of defined contribution pension savers’ money in the UK is invested in US tech giants known as the ‘Magnificent Seven’ which include Amazon, Meta and Alphabet.
Clare Reilly, Chief Engagement Officer at PensionBee, commented: “Investors are increasingly aware of the ethical and societal implications of AI technologies. The overwhelming support for these resolutions underscores the urgent need for tech giants to address AI-related risks and prioritise human rights and public welfare.”
“As shareholders prepare to vote on these resolutions at upcoming AGMs, the pressure on tech companies to enhance accountability and transparency in their AI practices continues to mount. Pension savers clearly want to see these big technology companies committing to more responsible AI deployment in order to protect our human rights.”
Footnotes
- The survey results are based on the responses of 1,000 UK residents – aged 18-66 – who either are currently contributing to a pension or have a pension that they are not currently contributing to (not including the State Pension). The survey was run in April 2024.
