Bank of Montreal | Advanced Generative AI Systems and Code of Conduct at Bank of Montreal

Status
AGM passed
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
BMO:CN
Resolution ask
Adopt or amend a policy
ESG theme
  • Social
ESG sub-theme
  • Digital rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
Be it proposed that the bank adhere to the Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative Artificial Intelligence (AI) Systems
Supporting statement
Over a year ago, the federal government published the Voluntary
Code of Conduct on the Responsible Development and
Management of Advanced Generative AI Systems1. This Code
specifically addresses systems such as ChatGPT, DALL E 2 and
Midjourney. While these systems offer many benefits – such as
drafting emails, answering complex questions, generating images,
and producing realistic videos – they also pose significant risks to
health and safety, have the potential to spread bias, and could lead
to serious social consequences, particularly when misused by
malicious actors.
It is telling that even the pioneers of artificial intelligence have
expressed concern about its risks. By early 2023, over 350 AI
leaders have signed a declaration2 urging the international
community to prioritize mitigating the existential risks posed by AI,
equating these dangers with those of a pandemic or nuclear war.
As this moratorium has yet to be implemented, it seems the
urgency to act has only grown. Joshua Bengio, one of the
signatories of the moratorium petition, emphasized this point in a
recent interview with Les Affaires3.
Recognizing the importance of robust oversight to manage and
mitigate these risks, the federal government has invited companies
to adopt to the Code, which describes:
‰ the measures that should be applied in advance of binding
regulation pursuant to the Artificial Intelligence Act;
‰ as well as additional measures that should be taken by firms
developing or managing the operations of these systems that are
made widely available for use, and which are therefore subject
to a wider range of potentially harmful or inappropriate use.
The purpose of this proposal is to encourage the Board of Directors
to approve the company’s adherence to this Code of Conduct.

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.