For Facebook and Alphabet, Big-Ticket Fines Cause Limited Pain – WSJ

VEA Vice Chair Nell Minow is quoted in this Wall Street Journal story about whether the penalties Facebook will be paying is enough to discourage further abuses. Financial penalties typically are meant to discourage further misbehavior or make victims whole, said Nell Minow, vice chair of ValueEdge Advisors, a corporate-governance consulting firm for investors.“That second…

FTC’s $5 Billion Fine Alone Won’t Get Facebook Out of Crosshairs – WSJ

“Five billion is literally the cost of doing business,” said Marc Rotenberg, head of the Electronic Privacy Information Center, which has long pushed for greater regulatory scrutiny of Facebook’s privacy practices.“If they get some serious new privacy obligations, that would be interesting. If they got governance reform, that would be interesting. What would not be…

Activists launch campaign to remove Zuckerberg from Facebook board | TheHill

Two activist groups on Monday launched a campaign to oust CEO Mark Zuckerberg from Facebook’s board of directors, arguing his “sweeping” control of the company presents a barrier to civil rights and privacy reform. Digital civil rights group Color of Change and Majority Action, a corporate accountability organization, told the Securities and Exchange Commission that they will be urging Facebook shareholders to…

A huge pension fund says Facebook is like a ‘dictatorship’ – The Washington Post

VEA Vice Chair Nell Minow is quoted in this Washington Post story about institutional investors challenging Facebook’s dual class structure. Nell Minow, vice chair of the governance consulting firm ValueEdge Advisers, said it is not unusual to see several institutional investors slam a company’s practices — especially if there’s a major governance question at stake….