June 1, 2018 / 11:47 AM / 21 days ago

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

OSLO (Reuters) - Norway’s $1 trillion wealth fund backed a wide range of activist shareholder proposals at Facebook’s annual meeting on Thursday, including a measure to improve the company’s oversight of questionable content, the fund’s voting record showed on Friday.

FILE PHOTO: A 3D-printed Facebook like button is seen in front of the Facebook logo, in this illustration taken October 25, 2017. REUTERS/Dado Ruvic/Illustration/File Photo

Facebook (FB.O) has been under scrutiny from regulators and shareholders after it failed to protect the data of some 87 million users that was shared with now-defunct political data firm Cambridge Analytica.

Norges Bank Investment Management, which runs the world’s largest sovereign wealth fund, backed six shareholder proposals at the meeting in Menlo Park, California. Facebook’s management opposed all the measures.

The Norwegian fund, which owns 1.4 percent of all globally listed shares, held a 0.71 percent stake in Facebook at the end of 2017, worth $3.64 billion, according to fund data.

One of the six measures would have mandated that Facebook report on “fake news” controversies. The others involved gender pay gaps, responsible tax principles, establishing a board committee on risk management and two measures requiring Facebook to adopt simple majority voting at shareholder meetings.

The social media giant on Thursday said each of the six measures had been voted down, but it did not provide a final tally of votes. The company said that would be made available at a later time.

Reporting by Terje Solsvik, editing by Larry King

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