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Meta Platforms | PX14A6G: Notice of exempt solicitation

SEC announcement · Apr 22 12:15

META +2.33%

Summary by Moomoo AI

Mercy Investment Services has submitted a shareholder proposal urging Meta Platforms, Inc. shareholders to vote in favor of conducting an independent Human Rights Impact Assessment (HRIA) on the company's use of artificial intelligence in targeted advertising. The proposal, identified as Proposal 10, is set to be voted on in Meta's 2024 proxy. It calls for a third-party assessment of the potential and actual human rights impacts of Facebook's AI-driven advertising, with results to be published by June 1, 2025. The proposal highlights the reliance of Facebook's business model on advertising revenue, which generated over $130 billion in 2023, and the associated risks of discrimination, privacy violations, and manipulation of public debate. Meta has faced significant fines for privacy violations, including a $5 billion fine by the U.S. Federal Trade Commission and a $1.3 billion fine by the European Union. The proposal emphasizes the importance of human rights due diligence, as endorsed by Meta through the UN Guiding Principles on Business and Human Rights, and points to regulatory, legal, and financial risks, including recent EU legislation and fines. Mercy Investment Services argues that a comprehensive HRIA is necessary for Meta to understand the risks associated with its targeted ads business model and to maintain public trust, which has been declining globally for AI companies.

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This announcement is a separate document:

Doc 1

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