NYC Comptroller Scott Stringer: Facebook Needs a Board Shake-Up
The man in charge of New York City’s pension funds wants Facebook to shake up its board and regulate it from the inside out.
“I believe that we need to increase independent directors at Facebook, people with expertise in protecting data, civil liberties,” Comptroller Scott Stringer told Cheddar Wednesday. “I also think [Mark] Zuckerberg should think about spending more time as the CEO, separate from being chairman, as a way of creating more...back and forth, more eyes on the company.”
The city’s various public pension funds have close to $1 billion invested in the social media company.
“I come [to] this as a fiduciary of the fourth largest public pension fund...When we feel the company is not moving in a direction that will increase its value, then that’s cause for concern.”
But unlike other investors who worry that the scandal will bring on regulations that might clip Facebook’s wings, Stringer says oversight is essential to Facebook’s future.
“I want to make sure that this company grows and makes money, because that protects firefighters, teachers, city workers, who I represent,” said Stringer.
“When you have reputational risk, when you have revenue issues, when you have outside investigations, that does not enhance the value of this company.”
This isn’t the first time the comptroller has taken action against companies that seem to be veering off course.
For example, Stringer said the fund [divested its gun holdings](https://cheddar.com/videos/nyc-comptroller-scott-stringer-we-have-divested-from-gun-holdings), and “we continue to look at the pension fund to make sure that we’re totally out.”
His comments come a day after a shooter opened fire at YouTube’s California headquarters, wounding four people and further intensifying the gun debate. After February’s attack in Parkland, Fla., some investors increased pressure on institutional funds, and companies across the country, to cut ties with the gun industry.
Last year Stringer also pressured Wells Fargo to replace its chairman after the bank said customers were wrongly charged for auto loan insurances.
“You [can’t] do this job closing your eyes to world events, you actually have to look around and say, ‘Are these companies doing the right thing by our retirees?’” said Stringer.
For the full interview, [click here](https://cheddar.com/videos/holding-facebook-to-a-higher-standard).
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