Following Pressure From Shareholders, Facebook Board Adopts New Focus on ‘Privacy and Data Use’, ‘Community Safety’ and Cybersecurity Risks

Following Pressure From Shareholders, Facebook Board Adopts New Focus on ‘Privacy and Data Use’, ‘Community Safety’ and Cybersecurity Risks

Facebook Inc.’s Board of Directors responded to pressure from shareholders and quietly adopted important and substantial changes to the charter of one of the board’s key committees, renaming the committee and broadening its mission to include oversight of issues that have placed the social media platform at the center of global controversy, including privacy, data use, community safety and cybersecurity.

Shareholders Have Long Warned Facebook; Company Has Been In Denial For Years

Shareholders, organized in part by Open MIC, have long been calling on Facebook to address critical issues, such as the platform’s role in enabling election interference, violations of privacy, “fake news” distribution, online hate speech and sexual harassment. Yet CEO Mark Zuckerberg and the company’s senior management have consistently brushed this all under the rug – until the recent Cambridge Analytica data scandal and other controversies finally forced these problems into the light and Zuckerberg himself into congressional testimony.

"Zuckerberg must face consequences for his inaction" says Michael Connor, Executive Director of Open MIC

“If any other publicly-held company continually failed to improve its performance on such mission-critical issues, the CEO would have resigned or been fired by now. Zuckerberg must face consequences for his inaction, which is why Open MIC is calling on him to resign – or for Facebook’s board to fire him. At the very least, the company should take steps to separate the roles of CEO and Chairman – both of which Zuckerberg currently holds – thus providing some improved governance for the company. Facebook impacts the lives of hundreds of millions every day; it’s time for a CEO who will act quickly and transparently to address the platform’s problems and stop endangering us all.”

Facebook, Google and Twitter Investors Demand Answers and Accountability Following 2016 Election Interference

Shareholders in Facebook, Google and Twitter with assets worth more than $25 billion have filed proposals with the companies in the last week demanding answers and accountability related to  foreign interference in the 2016 presidential election, as well as threats posed by the growth of hate speech and disinformation on the three platforms.

Fake News Is Focus Of New Shareholder Advocacy Push At Facebook And Google

Concerned that long-term shareholder wealth may be at risk if Facebook and Google do not do enough to “address fake news and hoaxes,” Arjuna Capital, in partnership with Baldwin Brothers, Inc., is asking the two tech giants (proposals to Google here and Facebook here) to evaluate the impact fabricated content is having on their platforms and businesses.