Investors is a Challenge For an Ethical Approach to Facial recognition Technology

A group of 50 investors managing more than $ 4.5 trillion in assets, which asks the company to exercise, and the use of facial recognition technology, such as Amazon and Facebook, in order to be unethical.

An investor group led by the investment manager Candriam, which is the European arm of the US financial-services company in New York city, to Life, said in a statement that it is the technology that would be able to violate human rights, personal dignity, in view of the lack of consent from the people in charge and is often a lack of official oversight.

This initiative shows how asset managers are increasingly dealing with political issues, which at one time was a secondary consideration to the shareholders, the investors are investing billions of dollars focused on the ethical criteria, and of these sustainability criteria.

Human rights activists have said that the facial recognition technology that can be used to unlock a smartphone or checks, bank accounts, and it can be used by the government to track down fellow citizens and to silence political opponents.

The investor group is said to be the start of a two-year process of working with the companies that develop or use technology. He also said that he believed to be 34, the company is a leader in facial recognition, including Amazon, Facebook, as well as Asian companies, Alibaba and Huawei.

An Amazon spokesperson declined to comment.

A Huawei spokesman said: ‘the Technique it should be used only in order to strengthen the human, environmental, and social well-being. We are committed to promoting a global dialogue on the development of codes of ethics and standards of governance are related to the new technology, and we continue to play our part in this is an intentional, ongoing, and collaborative.”

Other company, directly in the comments section when contacted, told Reuters.

Amazon told Reuters last month that the extension of a moratorium on the use of its facial recognition technology, however, civil rights, and the rights groups said it was not certain degree of compatibility, it can lead to unfair arrests.

“In order to allow investors to be able to comply with our human rights responsibilities, we aim to encourage companies to actively evaluate and explain, mitigate and manage the risks to the human rights council, which is associated with face recognition technology, products, and services,” said Tsvetka van den Bemt, a senior investment analyst at BMO Global Asset Management, one of the investors have joined the initiative.

The facial recognition technology market will increase by about 10 billion dollars by the year 2020, Candriam has said in a report released in March, referring to a 2018 research by Allied market research.

Among those investors who are signatories to the initiative of the British Elite Investor Royal London Asset Management, Canada, BMO Global Asset Management, the Netherlands, NN Investment Partners, and Norway, KLP.

“With the increasing adoption and use of technology, face recognition technology has an impact on human rights, which are not fully considered by the companies,” said Mrs Piffo, senior analyst at ESG’s Call to the Investor.

Candriam has said that, at the moment there is no global framework for the collection and use of biometric data, however, the Eu has proposed, for the first time in its history, the legal framework, and the Prc has published a draft of the standard.

In April, a control structure of the European Union relevant to the integrity of the agency, noted that the technology should be banned in Europe because of the deep, and the anti-democratic nature of the intrusion” into people’s private lives.

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