Facebook has been lambasted for its slow reaction to the livestreaming of the Christchurch terror attacks and the way it was shared across other sites.
Telecommunications companies and major banks have pulled advertising from the social media sites in response.
Five government-related funds with than $90 billion in funds under management have called for Facebook, Twitter and Google to take action against the spread of harmful content.
The New Zealand Superannuation Fund, ACC, the Government Superannuation Fund Authority, the National Provident Fund, and Kiwi Wealth put out a joint statement late Wednesday saying the social media companies should "fulfil their duty of care to prevent harm to their users and to society".
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