The chief executive of a megafund dedicated to healthcare workers attacked Facebook for giving “incorrect information”.
Debbie Blake is the CEO of Hesta, a াফ 68 billion megafund.
Blake called for more control over the platform to prevent “misinformation” from spreading online.
“It’s a threat to public health,” he said. “The lack of action is having a big impact on the health and well-being of our members through misinformation about vaccines.”
HESTA has invested more than 130 million in Facebook’s parent company Meta. Megafund has filed a shareholder resolution seeking further disclosure of how the platform handles “misinformation”.
“We had a lot of support, a lot of shareholders think it’s an emerging issue.”
HESTA was concerned that the social media giant had implemented business practices that “prioritize internal financial returns over healthy social and environmental systems” and details of how these risks are being managed.
“While the company may benefit by increasing social costs, its diversified shareholders pay the bill,” the resolution said. “Conversely, our CEOs are not diverse. Its assets are concentrated in the company’s shares: unlike most shareholders, its investments do not absorb the social costs incurred by the company. “
Blake added that Facebook’s development could do economic damage to the economy.
“There was an example outside India where there were false rumors about the causes of covid, for example, eating chicken and non-vegetarian foods caused covid. This is a huge loss for the poultry industry and the loss of livelihood of the farmers. The impact on health is very important in spreading anxiety and breaking trust in the society. All I want to do is understand how the company is evaluating. That’s why we’re interested in getting a report from them. “
Dan Gocher, a researcher at the Australian Center for Corporate Responsibility, says a lawsuit against Meter alleging cryptocurrency scam propaganda shows that the company’s practice has created financial risk for investors.
“You can find situations where regulators in every country are taking legal action against Facebook. It can come in the form of regulations or fines, ”he said. “They work in every country. Imagine how big their compliance system would be.”