Friends Fiduciary signs on to support EU Artificial Intelligence Act

February 16, 2023

Friends Fiduciary has joined other investors signing onto an investor statement in support of the digital rights regulation, the European Union Artificial Intelligence Act. It is crucial that companies respect human rights throughout their operations and value chains with rights-respecting regulation to “enable responsible business conduct.” The investor statement supports the European Commission’s proposed regulatory framework for artificial intelligence, recognizing that “while the development and use of AI has advanced and continues to have great potential to advance human rights and sustainable development, AI, and in particular the lack of transparency in AI systems, can cause and contribute to actual and potential harms such as invasion of privacy and discrimination.” The statement also urges the inclusion of “meaningful human rights impact assessment (HRIA) requirements for developing and deploying AI systems” to ensure responsible design of products and services and rights respecting business operations and decision-making processes.