SAN FRANCISCO: Facebook has made an initial commitment of $130 million to build a global oversight board that will ensure good governance and accountability across its services and platforms.
The initial funding will cover operational costs such as office space, staff and travel expenses and should allow the board to operate for at least its first two full terms, approximately six years, Brent Harris, Director of Governance and Global Affairs at Facebook, said in a statement.
The board will submit a yearly budget to the trust for approval and disbursement of funds.
Annual reports from the board and trust will help to document the health and effectiveness of the board, including its stewardship of these resources.
(Agencies)
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