In a significant move aligning with the global \"Stop Hate for Profit\" campaign, Canada's largest banks have confirmed their participation in a widespread boycott of Facebook Inc.'s advertising platforms. This collective action aims to pressure the world's leading social media giant to implement more robust measures against hate speech.
More than 400 brands have already withdrawn their advertising from Facebook in response to the campaign, which was ignited by the tragic death of George Floyd, a Black man who died in police custody in Minneapolis on May 25.
Prominent Canadian financial institutions including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, and Canadian Imperial Bank of Commerce have announced a pause in their Facebook advertising for the month of July. Additionally, Desjardins Group, the nation's largest federation of credit unions, stated it will halt advertising on Facebook and Instagram unless exceptional circumstances necessitate communication with members or clients.
These banks cited their steadfast commitment to inclusion and diversity as primary reasons for joining the boycott. Facebook has responded by opening itself to a civil rights audit and has banned 250 white supremacist organizations from its platforms. A spokesperson highlighted that Facebook's investments in artificial intelligence enable the company to identify and address nearly 90 percent of hate speech before users report it.
Bank of Montreal (BMO) expressed that it is maintaining an ongoing dialogue with Facebook to encourage platform changes that could reduce the spread of hate speech. Similarly, Royal Bank of Canada (RBC) emphasized that standing against misinformation and hate speech is crucial for supporting clients and communities, as these issues exacerbate systemic racism.
This unified stance by Canada's financial leaders underscores a broader commitment to fostering an inclusive and respectful online environment, reflecting a growing trend among global corporations to hold social media platforms accountable for the content they host.
Reference(s):
cgtn.com
