Facebook accord with US to elevate privacy oversight to board

Facebook Inc. is nearing a settlement with U.S. regulators that would elevate responsibility for privacy oversight to the company’s board of directors, according to a person familiar with the matter.

The agreement being negotiated with the Federal Trade Commission, which would resolve a year-long investigation into the social-media company, would put privacy protections on par with the board’s other responsibilities, said the person, who asked not to be named because the discussions are private.