Fidelity bank banner UBA banner
Facebook shareholders demand more accountability

By Michelle Quinn on 01/06/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 428


Outside Facebook's annual shareholders meeting Thursday, a lone protester paced on the sidewalk, carrying a U.S. flag and a sign that read "Zuckerberg destroys shareholder value."

Above, a small plane pulled a banner that read "You Broke Democracy."

Inside, Facebook shareholders offered both praise and criticism of the company's leadership.

The social media giant has been in a constant spotlight over how foreign actors used its service to try to influence elections worldwide. It suffered a double blow when it was revealed that 87 million users' information had gone to a political consulting firm without the users' knowledge.

The company continues to face inquiries from federal and state regulators about privacy and user data issues. And Mark Zuckerberg, its chief executive, recently testified in front of the European Parliament after appearing in front of Congress on the issues.

Shareholders sound off

Facebook shareholders provided another sort of oversight. Many expressed their displeasure by selling shares in March after it was disclosed that Cambridge Analytica, a political consulting firm, obtained user data without their knowledge. Facebook shares have more than recovered since then, rising 2 percent Thursday to $191.78, which was up 26 percent from the company's three-month low of $152 in March.

"We didn't do enough to see how people could abuse these tools," Zuckerberg told the shareholders.

"The main thing we need to do right now is to take a broader view of our responsibility to the community we serve," he said.

Investors applauded Zuckerberg several times during the meeting. And they followed the company's advice and appeared to vote down shareholder proposals, including one that would change the voting power of company shares. Currently, Zuckerberg, 34, and insiders hold a class of stock that gives them more than 60 percent of the voting power.

Shareholders also appeared to vote against other proposals such as requiring the company to report on its gender pay gap and a content report that would show how the company enforces its terms of service worldwide. (Official results of the tally will be posted in the next several days.)

Despite the defeats, shareholder proposals are worthwhile, said Natasha Lamb, managing partner at Arjuna Capital, an activist investment firm behind two proposals.

They "send a signal to management, send a signal to the board," she said.

Diversity of ideas

Amid the applause, there was also sharp criticism.

"We contend that Facebook's poor stewardship of user data is tantamount to a human rights violation," said Christine Jantz, chief investment officer at Northstar Asset Management.

Another investor asked what Facebook was doing to understand political bias among its employees and how that affects decisions about content on the site.

Zuckerberg said the company was "committed to being a platform for all ideas."

The company ended the meeting, but not before a shareholder pleaded, "Engage with us on these issues. We are on the same team." Company leaders said they would. (VOA)

Source News Express

Posted 01/06/2018 12:19:46 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Expect dry weather conditions in the North today,...

Nigeria, UK hold joint training to sustain peace...

Uduaghan calls for action towards Agric, SMEs growth,...

Why I will never abandon Jonathan —Col. Abubakar...

Mimiko has approved N500m ‘parting gifts’ for Ondo...

Buhari has achieved more than Obasanjo did in...

IGP Abubakar falls out of favour, faces sack...

2019: CUPP begins search for consensus candidate

Obi bags award, declared Best Performing Governor on...

Insurgent Fulani herdsmen

UN expresses shock over death of Nigerian asylum...

Germany boosts war against terror, donates military equipment...

 

Latest News UK investigator probes murder of Ex-Finance Minister’s daughter Nnamdi Kanu to make live radio broadcast on Sunday evening Shehu Sani dumps APC 2019: ‘America has no preferred candidate’ Customs intercepts container with imported soup from China WhatsApp bans more than 100,000 accounts Why we sponsor The Nigeria Prize for Science and The Nigeria Prize for Literature — NLNG MD, Tony Attah Rivers Guber: Tonye Cole will defeat Wike in 2019 — Tatua Type-2 polio virus discovered in Bauchi 2019 elections: NYCN to hold nationwide town hall meetings Minimum Wage: ‘Nigeria still a third world country’, Ngige reacts to US comparison Adeniyi challenges online publishers to help Nigerians rediscover their voices

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,901 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,045 views) Shameless Genevieve Nnaji exposes breasts in public (315,395 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,249 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,931 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,682 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,480 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,909 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,695 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,102 views) Lagos plane crash: Journalist releases victims’ names (161,767 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,522 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (69) Business & Economy (3,699) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (660) Global Business Monitor (304) International (2,552) Interview (165) Live Commentary (28) Love Matters (145) News (39,772) Opinion (1,125) Pidgin (13) Politics (7,315) Religion (881) Sports (1,735) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement