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Meta Shareholders Call for Oversight Audit (axios.com) 16

A group of Meta shareholders, along with the Campaign for Accountability, has submitted a resolution calling for an independent evaluation of the board's ability to oversee public safety on Facebook's platforms, Axios has learned. From the report: Facebook's parent company is facing pressure on multiple fronts from regulators, legislators and former employees -- and now investors. A letter sent earlier this month to Meta's corporate secretary, a copy of which was seen by Axios, says that, "Shareholders request the board commission an independent assessment of the Audit and Risk Oversight Committee's capacities and performance in overseeing company risks to public safety and the public interest and in supporting strategic risk oversight on these issues by the full board."

The letter is being submitted by the Harrington Associates and Park Foundation, both Facebook shareholders, in conjunction with the Campaign for Accountability. It aims to be included in Meta's annual proxy and submitted to a vote of shareholders. Other shareholders are also pushing similar resolutions this year, including an effort led by state investment officials in New York and Illinois. Facebook maintains it takes its responsibilities seriously, and told the Wall Street Journal that it has spent more than $5 billion this year on safety and security.

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Meta Shareholders Call for Oversight Audit

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  • It's still Facebook. Seriously, why is Alphabet still called Google to this day but Facebook suddenly gets an instant name change?

  • I think you're confused. "Capacity" suggests that there is some interest in doing it.

    Facebook might hide behind a new name but it's the same old people and they don't give a shit about "public safety".

  • For whatever they want. Zuck has total voting control and they knew it buying the stock.

  • by martynhare ( 7125343 ) on Monday December 20, 2021 @01:20PM (#62100035)
    Seems like investors are growing a pair and telling corporations what they WILL be doing. I guess the people with the money have the sense to step in before things blow up, even if the directors do not.
    • Seems like investors are growing a pair and telling corporations what they WILL be doing.

      In most other companies, this might make a difference; but not at Facebook/Meta where Zuckerberg can not be overruled.

      FTFS (emphasis mine):

      Shareholders request the board commission an independent assessment of the Audit and Risk Oversight Committee's capacities and performance in overseeing company risks to public safety and the public interest and in supporting strategic risk oversight on these issues by the full

  • I read that as "Shareholders call for Adult Oversight" and I thought of a bunch of children running things ala playground rules.

    lol

  • Even if this shareholder resolution gets included in the proxy statement at the annual meeting, it's practically guaranteed that it won't pass without support from the Board of Directors. Whatever the Board recommends is how all the large, controlling shareholders are going to vote.

    It's a nice idea, but it's unlikely to achieve much in practice.

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