Updated Jun 14, 2018

Facebook changes audit committee charter after privacy issues

Photo by Alexander Koerner/Getty Images

Facebook's board of directors is expanding the charter of the its audit committee, chaired by former White House chief of staff Erskine Bowles, to cover risk oversight responsibilities like data privacy, community safety and cybersecurity.

Bottom line: The move is largely cosmetic, as Facebook's audit committee already had such responsibilities, but is designed to reassure shareholders that the company takes its social responsibility seriously.

"Facebook has grown significantly since going public, and so has the role of the audit committee, especially its role managing risk oversight. To reflect this, the Board updated the committee's charter to clarify how the committee's role has grown, as well as to address other evolving issues, particularly in the areas of privacy and data use, community safety and security, and cybersecurity.”
— Erskine Bowles

The board's audit committee will be renamed its audit and risk oversight committee. Members include Bowles, venture capitalist Marc Andreessen, former American Express CEO Ken Chenault and former Obama economic advisor Jeff Zients.

  • Other Facebook directors include CEO Mark Zuckerberg, chief operating officer Sheryl Sandberg, venture capitalist Peter Thiel, Netflix CEO Reed Hastings and Bill & Melinda Gates Foundation CEO Sue Desmond-Hellman.

Most public companies require their boards to have audit committees to oversee financial reporting, disclosure and risk.

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  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 10 p.m. ET: 188,547 — Total deaths: 3,899 — Total recoveries: 7,068.
  3. Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
  4. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
  5. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  6. Coronavirus in custody: Inmates in all U.S. federal prisons are set to enter a 14-day quarantine on April 1. A federal judge on Tuesday ordered U.S. Immigration and Customs Enforcement to release 10 detained immigrants who are at risk of contracting COVID-19 while in confinement.
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  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: UN warns of recession with "no parallel" to recent past

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 856,000 and the death toll exceeded 42,000 Tuesday, per Johns Hopkins data. Italy reported more than 12,000 deaths.

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White House projects 100,000 to 240,000 U.S. coronavirus deaths

President Trump said at a press briefing on Tuesday that the next two weeks in the U.S. will be "very painful" and that he wants "every American to be prepared for the days that lie ahead," before giving way to Deborah Birx to explain the models informing the White House's new guidance on the coronavirus.

Why it matters: It's a somber new tone from the president that comes after his medical advisers showed him data projecting that the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperArrowUpdated 4 hours ago - Health