As of April 2026 the largest sovereign-wealth and pension funds (NBIM, CalPERS, ABP, OTPP, USS) have published almost no formal AI position papers, despite trillion-dollar AI exposure across portfolios. The structural absence is the signal: AI is being rated by these investors but the rating criteria have not been formally codified, leaving public-company IR teams preparing engagement against expectations the investors have not yet written down.

Path B reframe: original 'pension funds publishing AI policies' frame failed verification (NBIM has zero AI papers, CalPERS landing 404'd). The honest piece is about the absence as the signal. Verifies via NBIM published position-paper list (most recent 2021); evidence of AI rating happens in stewardship reports + proxy-voting guidelines without formal anchor document.