Facebook is facing more calls from shareholders to address impairment on its platforms and overall governance, while the company, now known as Meta Platforms Inc., responds to pressure from lawmakers and others.

According to the Investor Alliance for Human Rights, an initiative of the faith-based investor group Interfaith Center on Corporate Responsibility, the purpose is to reduce harmful content, assess the risk of the company’s Metaverse efforts, as well as reviewing its audit and risk.

Company’s shareholders, including the New York State Common Retirement Fund and Illinois State Treasurer, are among an investor group that collectively filed eight stakeholders’ proposals for consideration at the company’s annual meeting. Also, members of the same group, last year, submitted six proposals that were defeated by shareholders at the company’s annual meeting, including a call for an independent board chair.

Illinois State Treasurer Michael Frerichs says, “Facebook is willing to allow a certain level of hate speech, political misinformation, and divisive rhetoric so it can make more money. That is exactly why the board’s governance structure must change.”

Ryan Moore, Head of Financial Communications, Meta says, “the Company values its investors’ views and engages with them regularly. We understand the responsibility that comes with operating a global platform where we must address some of the most complex issues impacting society and the internet at large. We have every commercial and moral incentive to try to give the maximum number of people as much of a positive experience as possible on Facebook.”

Meta’s co-founder, Mark Zuckerberg says the criticism paints a false picture of the company.

Company is facing a series of hearings and investigations over allegations of harm caused by the services it provides. The head of Instagram, which is also owned by Meta, testified in Congress last week, clashed with lawmakers over the photo-sharing app’s impact on young users.

Julie Goodridge, Chief Executive, NorthStar Asset Management Inc. says, “when the stock is going up, no one wants to complain about the governance issues at Meta Platforms, but the risks are always there. The recent revelations due to the whistle-blower Frances Haugen reaffirmed what we already knew- that no one can keep Zuckerberg accountable but himself. This structure is not good for the company or our society.”