World’s top wealth fund backs activist proposals at Facebook meeting

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OSLO (Reuters) – Norway’s $1 trillion wealth fund backed a variety of activist shareholder proposals at Fb’s annual assembly on Thursday, together with a measure to enhance the corporate’s oversight of questionable content material, the fund’s voting document confirmed on Friday.

FILE PHOTO: A 3D-printed Fb like button is seen in entrance of the Fb brand, on this illustration taken October 25, 2017. REUTERS/Dado Ruvic/Illustration/File Photograph

Fb (FB.O) has been beneath scrutiny from regulators and shareholders after it failed to guard the information of some 87 million customers that was shared with now-defunct political information agency Cambridge Analytica.

Norges Financial institution Funding Administration, which runs the world’s largest sovereign wealth fund, backed six shareholder proposals on the assembly in Menlo Park, California. Fb’s administration opposed all of the measures.

The Norwegian fund, which owns 1.four % of all globally listed shares, held a 0.71 % stake in Fb on the finish of 2017, value $3.64 billion, in keeping with fund information.

One of many six measures would have mandated that Fb report on “faux information” controversies. The others concerned gender pay gaps, accountable tax ideas, establishing a board committee on danger administration and two measures requiring Fb to undertake easy majority voting at shareholder conferences.

The social media large on Thursday stated every of the six measures had been voted down, but it surely didn’t present a remaining tally of votes. The corporate stated that will be made accessible at a later time.

Reporting by Terje Solsvik, modifying by Larry King

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