Berkshire Hathaway Shareholder Wants Committee to Oversee Artificial Intelligence Risks
A Berkshire Hathaway shareholder group, Tulipshare, is pushing for the creation of a committee to oversee the risks associated with artificial intelligence (AI) at the conglomerate’s dozens of companies. The request comes ahead of the company’s annual meeting on May 3, where the shareholder proposal will be discussed.
Tulipshare believes that the improper use of AI could lead to data leaks, privacy intrusions, business disruptions, and human rights abuses. As Berkshire Hathaway has a significant influence in various industries, Tulipshare sees the company as having a unique opportunity to lead in AI governance.
Warren Buffett, Berkshire’s CEO, has acknowledged the potential for AI to cause harm, but has expressed some reservations about the technology. In a previous meeting, he said that AI had “enormous potential for good and enormous potential for harm” and expressed his concerns about deepfakes, which he believes can be used to spread misinformation.
However, Buffett’s assistant, Debbie Bosanek, announced that Berkshire will include Tulipshare’s proposal in its proxy statement. The company’s annual meeting is on May 3, and it remains to be seen whether the proposal will receive the necessary support from shareholders.
Tulipshare believes that an AI committee aligns with Berkshire’s business model, as it would provide unified oversight and expertise on AI risks, while allowing subsidiaries to handle day-to-day operations. The company’s position is supported by Buffett’s own words, which suggest that he is concerned about the potential for deepfakes and AI-related risks.
Berkshire Hathaway’s influence is spread across various industries, including insurance, energy, retail, and manufacturing, with notable assets such as Geico, BNSF railroad, and a significant stake in Apple and Amazon.