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Facebook delays naming global oversight board members

Facebook Inc. delayed naming the members of the independent oversight board, which helps users to appeal decisions of the social media company's content.

In a Dec. 12 company post, Brent Harris, director of governance and global affairs, said that while the company had planned to announce the oversight board members by the end of 2019, it has now decided to take more time to review the candidates.

Facebook also pledged $130 million to fund the independent oversight board. The amount will cover operational costs such as office space, staff and travel expenses, and should allow the board to operate for about six years. Facebook plans to continue funding the board's operations in the future, Harris said.

In another update, Facebook has formed an independent Oversight Board Trust to ensure that the board can make independent decisions and recommendations. The board's governance structure has been created as a noncharitable purpose trust under Delaware law. Facebook also disclosed trust documents, which include both a trust agreement and an LLC operating agreement, to facilitate contracts with board members and employ staff.

The board will submit a yearly budget to the trust for approval and disbursement of funds. Facebook also developed a new case management tool to provide board members with secure access to case information and allow them to collaborate from locations around the globe.

Talking about the board's structure, Harris said the board will have its own staff, independent from Facebook, and will include a director, case managers and dedicated staff members. In addition, the board will have at least three individual trustees and a corporate trustee, Brown Brothers Harriman Trust Co. of Delaware NA.

The company is conducting a search for the individual trustees and will announce these trustees in 2020.