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Facebook CEO Mark Zuckerberg survived the shareholder vote at the company's annual general meeting this week. Some activist investors claimed that he had too much power to effectively manage a company that has generated negative governance and management holdings for more than a year. It was a nice, careful vote for Zuckerberg, however, since he is both president and CEO and controls about 60% of the votes – unless he votes against himself, there is had no way to lose.
A day later, Cambridge Analytica came back to haunt the company. A Delaware court is on the side of Facebook shareholders suing the company for access to internal information that may reveal wrongdoing related to the company's various privacy issues. Investors want access to Facebook emails and other documents that provide Cambridge Analytica with information about & nbsp;data on some 87 million users.
Despite all that has happened since then, it is the Cambridge Analytica scandal that continues to haunt Zuckerberg and his management team. The company is accused of not paying enough attention to the privacy of users and, worse, the data itself has been exploited to influence voting behavior during elections around the world.
The ruling came after a one-day trial in March, which, according to Vice Chancellor Joseph Slights of the Delaware Chancery Court, provided "a credible basis for inferring that the board and executives Facebook's superiors did not oversee Facebook's compliance with the consent decree and its broader efforts to protect the private data of its users. " At the time of the violation, Facebook was already subject to a decree of the US Federal Trade Commission to strengthen its data protection policies.
Although he ruled in their favor, the judge warned shareholders to throw a wide net, "Plenty of plaintiffs' document requests have landed with the accuracy of buckshot, "he said. Shareholders are preparing to be compensated after taking 19% of Facebook's shares following the first exposure to the scandal, which has cleared a few & nbsp;$ 120 billion in value.
"Mark's personal reputation and that of Facebook have plummeted," Zuckerberg co-founder Chris Hughes wrote last month in a & nbsp;op-ed in the New York Times. "Corporate Mistakes – sloppy privacy practices that have dropped tens of millions of user data on the lap of a political consulting firm; slow reaction to Russian agents, violent rhetoric and false news; and the unwavering desire to capture more of our time and attention – dominate headlines. "Hughes said Zuckerberg& nbsp; "staggering" influence & nbsp; and the control goes "far beyond that of anobody else in the private sector or the government. "He dismissed the board of directors of the company as" Advisory Committee. "
In the United States, Facebook faces numerous lawsuits and the possibility of a $ 3 to $ 5 billion fine from the FTC for violating his privacy. Electronic Frontier Foundation rejected& nbsp; this week's impact by saying that "punitive fines alone, regardless of size, are unlikely to change the overlap of privacy and damage to competition at the center of Facebook's business model." whether it imposes fines or not, the FTC should use its power to significantly improve Facebook. "
However, at the end of another week in which Zuckerberg has consolidated his power and his company has been the subject of further negative reviews regarding privacy and corporate governance, it seems unlikely that anything will change so soon.
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Facebook CEO Mark Zuckerberg survived the shareholder vote at the company's annual general meeting this week. Some activist investors have said that they have too much power to effectively manage a company that has generated negative headlines in governance and management for over a year. It was a nice careful vote for Zuckerberg, however, considering that he is both CEO and President and that he controls about 60% of the votes – unless he votes against himself, there was no way to lose.
A day later, Cambridge Analytica came back to haunt the company. A Delaware court is on the side of Facebook shareholders suing the company for access to internal information that may reveal wrongdoing related to the company's various privacy issues. Investors Want to Access Email and Other Facebook Documents Providing Cambridge Analytica data on some 87 million users.
Despite all that has happened since then, it is the Cambridge Analytica scandal that continues to haunt Zuckerberg and his management team. The company is accused of not paying enough attention to the privacy of users and, worse, the data itself has been exploited to influence voting behavior during elections around the world.
The ruling came after a one-day trial in March, which, according to Vice Chancellor Joseph Slights of the Delaware Chancery Court, provided "a credible foundation for inferring the board of directors." and that Facebook's top executives were not monitoring compliance with the consent decree by Facebook efforts to protect the private data of its users ". At the time of the violation, Facebook was already subject to a decree of the US Federal Trade Commission to strengthen its data protection policies.
Despite their decision, the judge warned shareholders to throw a wide net "many of the plaintiffs' requests for documents were greeted with irreproachable precision, "he said.Shareholders expect to be compensated after the fall of 19 percent of Facebook's shares as a result of the l & # 39; initial exposure to scandal. $ 120 billion in value.
"Mark's and Facebook's personal reputation have plummeted," Zuckerberg co-founder Chris Hughes wrote last month in an editorial New York Times. "Corporate Mistakes – sloppy privacy practices that have dropped tens of millions of user data on the lap of a political consulting firm; slow reaction to Russian agents, violent rhetoric and false news; and the unwavering desire to capture more and more of our time and attention – dominate headlines. Hughes claimed that "amazing" influence and control goes "far beyond that of anobody else in the private sector or in government. "He rejected the board of directors of the company as an" advisory board ".
In the United States, Facebook faces numerous lawsuits and the possibility of a $ 3 to $ 5 billion fine from the FTC for violating his privacy. Electronic Frontier Foundation dismissed the impact of this week stating that "punitive fines alone, no matter how small, are unlikely to alter the overlap of privacy and competition infringement at the center of the economic model. The FTC should use its power to significantly improve Facebook. "
However, at the end of another week in which Zuckerberg has consolidated his power and his company has been the subject of further negative reviews regarding privacy and corporate governance, it seems unlikely that anything will change so soon.
