Facebook CEO Mark Zuckerberg today at 11am PST hosted a telephone conference about the new changes to the Facebook terms of service, and the new program to allow Facebook users to actually create privacy policies.

CNET has the live coverage of the phone conference here.

You may remember recently there has been a lot of controversy surrounding the new Facebook terms of service agreements that essentially allowed Facebook to keep your user generated content indefinitely and use it however it wanted. Facebook has since reverted back to its previous terms.

PALO ALTO, Calif. – February 26, 2009 – Facebook today announced a new approach to site governance that offers its users around the world an unprecedented role in determining the future policies governing the service. Facebook released the first proposals subject to these new procedures–The Facebook Principles, a set of values that will guide the development of the service, and Statement of Rights and Responsibilities that make clear Facebook’s and users’ commitments related to the service.

Over the coming weeks, users will have the opportunity to review, comment, and vote on these documents. An update to the Privacy Policy is also planned, and this change will be subject to similar input.