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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.