In a significant escalation of the “Stop Hate for Profit” campaign, Canada’s largest banks have announced they will pause advertising on Facebook and its platforms for the month of July. This movement seeks to pressure the world’s largest social media network to take decisive action against the proliferation of hate speech and misinformation.
The Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, and the Canadian Imperial Bank of Commerce confirmed on Friday their participation in the boycott. Desjardins Group, Canada’s largest federation of credit unions, also joined, citing commitments to inclusion and diversity.
Over 400 brands globally have pulled advertising from Facebook, following U.S. civil rights groups’ calls for the platform to address systemic racism and hate speech more effectively. The campaign gained momentum after the death of George Floyd, an African American man who died in police custody in Minneapolis on May 25, sparking worldwide protests and a reckoning with racial injustice.
In a statement, the Royal Bank of Canada emphasized the importance of standing against “misinformation and hate speech, which only make systemic racism more pervasive.” Similarly, the Bank of Montreal highlighted its ongoing dialogue with Facebook to encourage changes that reduce the spread of hate speech on their platforms.
Facebook has responded by opening itself up to a civil rights audit and banning 250 white supremacist organizations from Facebook and Instagram. According to a company spokesperson, investments in artificial intelligence have resulted in nearly 90% of hate speech being identified and acted upon before users report it.
The boycott reflects a growing demand from businesses and consumers worldwide for social media platforms to take greater responsibility for content moderation. As the movement gains traction, it places increased pressure on technology companies to balance freedom of expression with the need to combat hate speech and misinformation.
The implications of this campaign extend beyond North America, resonating with global audiences, including those in Asia. With social media playing a pivotal role in shaping public discourse, the actions taken by corporations and platforms today may set precedents impacting users and businesses across continents.
Reference(s):
cgtn.com
