Large Funds Support Move to Force Zuckerberg to Step Down as Facebook's Chairman
https://www.google.com/amp/s/www.thestreet.com/amp/technology/funds-back-proposal-to-remove-zuckerberg-as-facebook-chairman-14748426
Large Funds Support Move to Force Zuckerberg to Step Down as Facebook's Chairman
Tony Owusu
Oct 17, 2018
Several public funds with holdings in Facebook Inc. (FB) are unhappy with the company's leadership and have backed a shareholder proposal to have Chairman and CEO Mark Zuckerberg give up his chairmanship role.
The
original proposal was filed by Trillium Asset Management in June and on Wednesday, the New York City comptroller, as well as the state treasurers of Rhode Island, Illinois, and Pennsylvania added themselves to it.
The proposal has not been filed yet, though, as shareholders have until a December 14 deadline to officially file.
Zuckerberg's position at the company he helped start is not in much actual jeopardy, thanks to the 59.9% of Facebook's voting shares that he owns.
The special class of stock that Zuckerberg owns gives him a 10 votes for every share he owns, compared to just one for the average Facebook shareholder.
Wednesday's proposal isn't the first time shareholders have challenged the leadership structure at Facebook.
Last year, 31% of shares not owned by Zuckerberg voted to back a shareholder proposal that would have separated the CEO and chairman roles at the company.
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