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Matt Rourke / AP

At its annual meeting on Thursday, Facebook shareholders rejected a proposal that the company prepare a report on employee pay across gender and ethnicity.

Facebook's board, which recommended against the proposal, argued that it already has systems in place to combat pay inequality. Arjuna Capital, which submitted the idea, says that third-party data suggests there are still gaps.

Why it matters: Along with hiring, pay gaps have also become a hot topic in Silicon Valley's conversation about diversity. Google is currently embroiled in a court battle over allegations that it's not paying female employees as much as men. Meanwhile, Salesforce has now audited its employee pay two years in a row, and spent $6 million to fill in the gaps, according to the company.

Other highlights from the shareholder meeting:

  • New capital structure: Facebook's plan to restructure in order for CEO Mark Zuckerberg to retain control is still delayed by a lawsuit, so not expected before 2018 at the earliest, said the company.
  • Fake news: The company plans to approach the issue similarly to spam, and wants to make it easier for users to access a spectrum of viewpoints.
  • Oculus: Facebook doesn't plan on making much profit from its Oculus hardware in the next few years—instead it's focused on building content and software and making virtual reality tech as widely available as possible.
  • China: The company wants to reach people in China, but it's taking its time to figure how to best do this.

Go deeper

Ina Fried, author of Login
12 mins ago - Technology
Column / Signal Boost

How COVID slowed 5G

Illustration: Sarah Grillo/Axios

Two years into the 5G era, expensive new cellular networks have blanketed much of the country, but they have yet to change our lives.

Between the lines: It was always going to take some time for 5G's full impact — from faster service to new uses — to arrive. But the pandemic has slowed even some of the initial benefits.

Biden's big bet backfires

Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.

46 mins ago - Health

Other drug companies want to help make the vaccines

Illustration: Megan Robinson/Axios

Generic drug companies have asked Pfizer, Moderna and Johnson & Johnson to license their COVID-19 vaccine technology to help increase global production, but so far the vaccine makers have given them the cold shoulder.

Why it matters: Other companies are saying they have extra capacity to make more vaccines. Not using that extra capacity could prolong the pandemic throughout the world.