In response to Alphabet’s recommendation to vote “against” the proposal, Open MIC filed an exempt solicitation letter with the SEC, again making the case for increased transparency and active risk mitigation to prevent widespread harms due to misinformation and disinformation resulting from generative AI products.
Lead filer Arjuna capital provided an exempt solicitation letter to the SEC in response to Meta’s opposition statement, further clarifying the purpose of the proposed annual report, and the need for additional transparency and oversight related to gAI misinformation.
The rise of generative AI (gAI) over the last 18 months has raised numerous questions about how to regulate these powerful new technologies so that they do not compromise people’s ability to exercise their human rights. Generative AI poses a particular threat to the right to freedom of expression, including the right to access information, because it makes it so easy to create and spread deceptive, yet believable content. False content threatens people’s ability to make informed decisions, a prerequisite for healthy democracies.
Shareholders at Alphabet and Meta, following on the success of a similar resolution at Microsoft last month, have filed shareholder proposals recommending that the companies issue annual reports on the risks of misinformation and disinformation produced and amplified by their deployment of generative artificial intelligence (gAI). All three companies have made multibillion dollar investments in gAI.
At Microsoft’s annual general meeting on Thursday, shareholders will vote on a resolution recommending that the company issue an annual report on the material risks of generative AI-powered mis- and disinformation to its business operations. The proposed report would include Microsoft’s plans to mitigate those risks, as well as the effectiveness of its efforts. The resolution, which appears as Proposal 13 on the company’s proxy statement, was submitted by Arjuna Capital (lead filer), Azzad Asset Management, Eko, and Open MIC.
In a major victory for investors, the Securities and Exchange Commission (SEC) has ruled that Meta - the parent company of Facebook and Instagram - must give investors an opportunity to consider and vote on a shareholder proposal that questions Meta’s ”social license to operate an emerging technology like the metaverse” without fully understanding the potential risks and negative impacts.
