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Illustration: Aïda Amer/Axios

A group of Meta shareholders, along with the Campaign for Accountability, has submitted a resolution calling for an independent evaluation of the board's ability to oversee public safety on Facebook's platforms, Axios has learned.

Why it matters: Facebook's parent company is facing pressure on multiple fronts from regulators, legislators and former employees — and now investors.

Driving the news: A letter sent earlier this month to Meta's corporate secretary, a copy of which was seen by Axios, says that, "Shareholders request the board commission an independent assessment of the Audit and Risk Oversight Committee's capacities and performance in overseeing company risks to public safety and the public interest and in supporting strategic risk oversight on these issues by the full board."

  • The letter is being submitted by the Harrington Associates and Park Foundation, both Facebook shareholders, in conjunction with the Campaign for Accountability.
  • It aims to be included in Meta's annual proxy and submitted to a vote of shareholders.

The big picture: Other shareholders are also pushing similar resolutions this year, including an effort led by state investment officials in New York and Illinois. Facebook maintains it takes its responsibilities seriously, and told the Wall Street Journal that it has spent more than $5 billion this year on safety and security.

Be smart: Meta's dual-class share structure means that CEO Mark Zuckerberg retains majority control in any vote of shareholders.

Context: A prior shareholder resolution in 2018 called for the creation of a separate risk oversight committee of the board.

  • It garnered a significant chunk of independent shareholders' vote but did not garner a majority of total votes.
  • Facebook did broaden the role of the audit committee to include risk oversight.

Yes, but: Organizers of the new shareholder proposal says the board has failed to address the underlying issues.

  • "The stream of harmful revelations has continued," the proposal's backers say in the letter. They say the company "regularly breaks pledges to remove harmful content," including those targeted at teens as well as political and COVID-19 misinformation.

Go deeper

Jan. 6 committee subpoenas tech giants

A mob of Trump supporters breaches the U.S. Capitol on Jan. 6, 2021, in Washington, D.C. Photo: Michael Robinson Chavez/The Washington Post via Getty Images

The Jan. 6 select committee on Thursday subpoenaed Alphabet, Meta, Reddit and Twitter for records as part of its investigation of the Capitol insurrection.

Why it matters: The four social media companies have key information related to the spread of misinformation, efforts to overturn the 2020 election and domestic violent extremism, the panel said.

Updated 2 hours ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to actually deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Updated 2 hours ago - Politics & Policy

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

The latest: The president called Doocy Monday evening, the reporter told Fox's Sean Hannity. "He cleared the air and I appreciated it. We had a nice call," Doocy said when asked whether the president apologized, adding: "I don't need anyone to apologize to me."