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Governance

Proposal to report on efforts to prevent fake news supported by 36% of Twitter shareholders

Although it failed to receive a majority of investor votes, a shareholder proposal calling for Twitter Inc. to report on how it enforces its terms of service to prevent election interference, fake news, hate speech, sexual harassment and violence from being posted to its platform was supported by almost 36% of investors at the company's annual meeting, the company disclosed in an 8-K filing June 1.

The proposal was filed by the $206.9 billion New York State Common Retirement Fund, Albany, and Arjuna Capital.

Other large pension funds that supported the proposal included the $352.8 billion California Public Employees' Retirement System, Sacramento; C$356.1 billion ($274 billion) Canada Pension Plan Investment Board, Toronto; $224.8 billion California State Teachers' Retirement System, West Sacramento; $204.9 billion Florida State Board of Administration, Tallahassee; and $146 billion Texas Teacher Retirement System, Austin.

A Twitter spokesman could not immediately be reached for comment on the May 30 annual meeting.

Proxy-voting advisory firm Institutional Shareholder Services had recommended that investors support the proposal.