#AceNewsReport – Apr.14: On May 30th, Facebook’s shareholder’s will vote on whether to remove Mark Zuckerberg as chairman of the board, reports Business Insider: Business Insider broke the news of the proposal in July last year after revealing the plans of activist shareholder Trillium Asset Management, which had grown tired of the “mishandling” of scandals including the Cambridge Analytica data breach.
Responding to the proposal in the SEC filing, Facebook called on investors to vote it down: “We believe our board of directors is functioning effectively under its current structure, and that the current structure provides appropriate oversight protections,” Facebook said… The chance of it becoming a reality is extremely slim, despite it being backed by investors that control around $3 billion of Facebook stock.
A similar proposal in 2017 was popular among independent investors but was crushed because of Zuckerberg’s voting power: This is because of Facebook’s dual-class share structure. Class B shares have 10 times the voting power of class A shares, and it just so happens that Zuckerberg owns more than 75% of class B stock. It means he has more than half of the voting power at Facebook…. Facebook will almost certainly get its way.
But the two investor proposals mark continued dissatisfaction among shareholders about the way Facebook is run following a year from hell for the company: It also shows that investors continue to believe that Zuckerberg has too much power.
Over the last two years, we’ve greatly expanded our efforts to fight false news: we’re getting better at enforcing against fake accounts and coordinated inauthentic behavior; we’re using both technology and people to fight the rise in photo and video-based misinformation; we’ve deployed new measures to help people spot false news and get more context about the stories they see in News Feed; and we’ve grown our third-party fact-checking program to include 45 certified fact-checking partners who review content in 24 languages. And overall, we’re making progress: multiple research studies suggest that these efforts are working and that misinformation on Facebook has been reduced since the US presidential elections in 2016.
Since 2016, we have used a strategy called “remove, reduce, and inform” to manage problematic content across the Facebook family of apps: This involves removing content that violates our policies, reducing the spread of problematic content that does not violate our policies and informing people with additional information so they can choose what to click, read or share. This strategy applies not only during critical times like elections, but year-round.
#AceNewsDesk report ………….Published on April 13, 2019 at 09:34PM:
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