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.
