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$130 Million For 6 Year Operations For Its Content Oversight Board Announced By Facebook


12/13/2019


$130 Million For 6 Year Operations For Its Content Oversight Board Announced By Facebook
It has been over a year that a content oversight board is being attempted to be set up by the largest social media platform Facebook.
 
While the company earlier shared a charter that outlined the new rules for content, its founder and CEO Mark Zuckerberg has also outlined his vision or the board.
 
In its latest effort to create the board and to show its commitment to regulation of content on its platform, Facebook announced and investment of $130 million for setting up of the board. According to reports, this initial investment will be used for financing the operations of the board for about six years or which is two terms of three years each.
 
This amount would be used for meeting expenses for activities like paying for office space, staff and travel expenses. There are also plans of the company to continue to keep funding of the operations of the board even after the initial six years, Facebook says.
 
Facebook created an oversight board trust so that it is bale to "ensure good governance and accountability" in its effort to ensure that the funds are properly managed and expended. Activities such as administering payroll, ensuring tax compliance and reviewing the board's annual budget will be among the roles of the oversight board trust.
 
While Brown Brothers Harriman Trust Company of Delaware, N.A., will serve as the corporate trustee, there will be at least three individual trustees, expects Facebook.
 
A third-party Human Rights Impact Review has also been commissioned by Facebook in response to the demands and feedback which majorly said that the functioning of the board needs to be closely grounded in human rights principles.
 
Analysts say that such a step will at least theoretically aid in construction of a structure of the board so that human rights are fostered and promoted. Recommendations on things like board member diversity, transparent communication and privacy-protective tools will be followed by Facebook.
 
Facebook however still has a number of tasks to get completed which includes filling board member positions. Despite these remaining tasks. Facebook hopes that the content oversight board would be ready and be able to start case hearings by next year.
 
(Source:www.engadget.com)


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