In addition, Facebook announced a new plan to factor in human rights into the functioning of the Oversight Board. Facebook is currently conducting a search for the board’s individual trustees, in collaboration with executive search firm Spencer Stuart. The trust will formally appoint and remove board members (according to forthcoming bylaws and code of conduct) and will have at least three individual trustees and one corporate trustee, Brown Brothers Harriman Trust Co. Facebook also released the trust documents, which include both a Trust Agreement and an LLC Operating Agreement that will facilitate contracts with board members and employ staff. The Oversight Board Trust was created as a “non-charitable purpose trust” under Delaware law. Now Facebook has announced the formation of an Oversight Board Trust, a further step to “ensure the board can safeguard its ability to make independent decisions and recommendations,” Brent Harris, director of governance and global affairs, wrote in a blog post Thursday. The CEO recently told employees that an Elizabeth Warren presidency would “suck” for the tech giant - as she’s made breaking up internet companies a key part of her platform - and that the company would “go to the mat” to fight attempts to dismantle Facebook. Zuckerberg has called for new laws spelling out how speech on internet platforms should be regulated, while he’s also repeatedly insisted that breaking up Facebook would not fix problems with social media. The $130 million earmarked for the Oversight Board’s operations represents around 2% of Facebook’s net profit for the third quarter of 2019 alone.įacebook is setting up the so-called Supreme Court in an effort to show it’s a good corporate citizen - to build user trust and ultimately to try forestall heavy-handed government action against it. While Facebook has taken pains to ensure the Oversight Board will operate without interference from the company itself, critics have questioned how effective or truly independent it will be in practice. The company intends to fund the Oversight Board in the future. Originally, Facebook had planned to announce co-chairs and initial members of the Oversight Board this year, but that has been delayed to 2020 as the company has been vetting some 1,000 candidates for up to 40 spots on the board.Īccording to Facebook, the initial funding will cover operational costs such as staff, office space and travel expenses, and should allow the board to operate for about six years - at least its first two full terms.
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