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World

REQUEST OF MAJORITY OF FACEBOOK SHAREHOLDERS 06. 06. 2019.   >>  18:00 0

REQUEST OF MAJORITY OF FACEBOOK SHAREHOLDERS

Call for dismissal of Mark Zuckerberg

Independent Facebook investors voted overwhelmingly in support of proposals to fire Mark Zuckerberg as chairman and scrap the firm's share structure.

According to the results of votes at Facebook's annual shareholder meeting last week, 68 percent of outside investors want the company to hire an independent chairman. The majority was up from 51 percent last year.

Despite the revolt, the proposals did not pass because of Zuckerberg's voting control of the stock, which means he can swat away shareholder demands.

"Arrogance is not a substitute for good corporate governance," said Michael Connor, who helped coordinate action among activist Facebook investors.

Facebook revealed how investors voted on a raft of proposals at its annual shareholder meeting last week--and the results underline the unrest among outside investors.
According to an analysis of the results by Open Mic--an organization that works with activist shareholders to improve corporate governance at America's biggest companies--independent shareholders overwhelmingly backed two proposals to weaken Mark Zuckerberg's power.
Some 68 percent of ordinary investors, those who are not part of management or the board, want to oust Zuckerberg as chairman and bring in an independent figure to chair Facebook's board.  

 

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