Facebook pact 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.

The board changes would come in addition to a record penalty of $3 billion to $5 billion, which Facebook disclosed last week. FTC Chairman Joe Simons is under pressure to craft a tough settlement following a series of privacy scandals at the company, most notably the disclosure that now-defunct consulting firm Cambridge Analytica obtained data on tens of millions of the site’s users.