April 23, 2018 // Boston, MA – Trillium Asset Management published a letter to Facebook’s shareholders encouraging them to vote in favor of a shareholder proposal on the Company’s 2018 proxy. This proposal requests Facebook’s Board issue a report on the merits of establishing a Risk Oversight Board Committee. We believe this proposal represents an important corporate governance reform that would enhance big picture risk oversight mechanisms while helping protect shareholder value.
The letter provides the following rationale for voting ‘Yes’:
- The sheer volume, magnitude, and frequency of Facebook’s controversies strongly suggests that the company’s whack-a-mole approach is insufficient – Facebook needs to institutionalize stronger risk oversight mechanisms.
- Existing risk oversight structures appear to lack the dedicated focus Facebook needs.
- Facebook can learn from Microsoft’s history of public and government scrutiny and adopt a similar committee structure.
Contact: Jonas Kron, Trillium Asset Management, (413) 522-2899; jkron[at]trilliuminvest.com or Allan Pearce, Trillium Asset Management, (503) 953-8345, apearce[at]trilliuminvest.com
Trillium Asset Management, LLC is the oldest independent investment advisor devoted exclusively to sustainable and responsible investing. With over $2.6 billion in assets under management, Trillium has been managing equity and fixed income investments for high net worth individuals, foundations, endowments, religious institutions, and other nonprofits since 1982. A leader in shareholder advocacy and public policy work, Trillium’s goal is to deliver both impact and performance to its investors.
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