Meta Loses Bid to Quash Vote on the Future of Metaverse
Arjuna Capital proposal asks for study, shareholder approval of plans for a virtual world
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Meta Platforms Inc. will face a shareholder mandate on whether its planned metaverse virtual world is good for society.
The U.S. Securities and Exchange Commission rejected a request by Meta to quash a proposal from Arjuna Capital LLC asking for a third-party evaluation of the potential psychological, civil and human rights harms of the metaverse. Arjuna wants the company to demonstrate whether any harms could be mitigated or avoided or whether they are simply inherent to the technology. The proposal will now be included in the upcoming list of issues shareholders will vote on at the annual general meeting.