Facebook CEO Mark Zuckerberg, was asked during the Senate Hearings on Facebook, Social Media Privacy, Use and Abuse of Data about an unusual term “INFORMATION FIDUCIARY”
This is not a one post, wham bang post; it’s such a large global issue, there will be several posts on the topic; the point is to create greater understanding, effectiveness and safe use of information. The concept of information fiduciary has nexus to fiduciary duty.
From today’s hearing and in the real time world, it’s clear to users of Facebook and other “social media platforms” there clearly are, clearly have been and likely continue to have issues, large and small with user information, privacy, ad targeting, potential bias and or conflicts of interest, censorship and or surveillance; in some cases with life and tragic death consequences.
Since Facebook is now 14 years old and well known, Trustees of all manner of fiduciary accounts are advised to keep informed as to the potential implications and use of social media by trust beneficiaries, because for one thing it’s knowable and potentially useful in satisfying the several elements of fiduciary duty. Trustees themselves can begin to reflect on their social media or Facebook experiences and form some views on how it has influenced, swayed, informed and or dis-informed in the past.
To be continued…
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