Comptroller Stringer Statement on Facebook’s Newest Scandal
November 15, 2018
(New York, NY) – In response to the revelation that Facebook’s top executives withheld crucial information regarding Russian interference from the company’s board of directors and the public, New York City Comptroller Scott M. Stringer, the custodian and fiduciary to the NYC Pension Funds, released the following statement:
“Renegade executives who are focused only on growth regardless of the risks — and withhold information from the board — put their company, shareholders, and in Facebook’s case, our democracy in jeopardy.
“A company with Facebook’s massive reach and influence requires robust oversight and that can only be achieved through an independent chair who is empowered to provide critical checks on company leadership and protect whistleblowers. Mark Zuckerberg’s alleged actions of withholding information from the board and the public clearly show why he cannot serve as both chair and CEO of Facebook.”
Last month, Comptroller Stringer and the New York City Pension Funds co-filed a shareholder proposal with several state treasurers demanding that the Facebook board of directors make the board chair an independent position.