World’s largest sovereign wealth fund backs push for Google oversight on government use of its AI and cloud technology

Alphabet shareholders are set to vote on Friday on a resolution that calls for greater transparency over the risks posed by government use of Google’s cloud and AI technology. The vote has gained momentum after Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund, announced it will back the proposal against Alphabet management’s wishes.

The resolution, known as Proposal 11, is being backed by a coalition of more than 40 investors led by Zevin Asset Management. The firms collectively manage $1.15 trillion in assets and hold around $2.2 billion in Alphabet shares directly, investors say. This is equivalent to less than 1% of the company’s shares outstanding, given Alphabet’s roughly $4.4 trillion market value. In an earlier letter to Alphabet, the group requested a meeting with management after the company came out against a shareholder resolution calling for a report on how it oversees related risks.

It is unlikely the motion will pass through the Friday vote, investors say, but they say they are hoping pressure on the company will result in a meaningful review of its practices.

Investors have been pressing for clearer reporting on the risks arising from what they say are potential gaps in Google-parent Alphabet’s policies and oversight of customer data processed throug...