Shareholders plot Zuckerberg’s removal as Facebook Chairman

By Editor on 18/10/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 1,091

Mark Zuckerberg
Mark Zuckerberg

Several public funds in the United States that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman.

The shareholders said the social media giant mishandled several high-profile scandals.

State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. They joined hedge fund Trillium Asset Management, which bought it to the table in June.

The proposal, set to be voted on at Facebook’s annual shareholder meeting in May 2019, is asking the board to make the role of chair an independent position.

“Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent – that’s why we’re demanding independence and accountability in the company’s boardroom,” Stringer said.

Facebook declined to comment.

In 2017, a similar proposal to appoint an independent chair was voted down.

In opposing the proposal, Facebook said an independent chair could “cause uncertainty, confusion, and inefficiency in board and management function and relations”.

Zuckerberg has about 60 percent voting rights, according to a company filing in April.

The New York City Pension Funds owned about 4.5 million Facebook shares as of July 31, while Trillium held 53,000 shares.

The Pennsylvania Treasury held 38,737 shares and the Illinois Treasury owned 190,712 shares as of August.

Shares held by the Rhode Island Treasury were not immediately available.

Posted 18/10/2018 06:51:08 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Gateman rejects house offer, opts for borehole in...

EFCC invites Ekweremadu over alleged Money Laundering

Alleged Port Harcourt serial killer confesses gory episode...

Ojukwu defended Ndigbo when it mattered most—Ohanaeze, South-East...

2019: We must encourage new generation to take...

Nigeria: 16 killed in election violence

Man kidnapped in Imo, rescued in Anambra

Timi Frank reveals how plot to embarrass Atiku,...

Ex-Ondo deputy gov’s daughter found dead in boyfriend’s...

Five randy teachers allegedly impregnate SS3 pupil

2019 Budget: Lawmakers boo Buhari, scream ‘no!’ as...

South-East governors reaffirm Ruga ban, to raise forest...

 

Latest News Final year student of Kogi university shot dead Boko Haram releases new video, kills soldiers, policeman Fed Govt begs Nigerians over bad roads Sowore: Reps to probe DSS invasion of Federal High Court Buhari appoints new FIRS boss, orders Fowler to hand over Estate electrician, accomplice attack Maersk MD, kill wife Mompha deletes Instagram posts, walks out of jail CSOs give FG 14-day ultimatum over Sowore Woman to die by hanging for killing co-wife, 7 step children in Ebonyi 2nd Niger bridge: S’east leaders happy with Buhari --Umahi Suspected kidnappers kill 4, ex-APC presidential aspirant escapes Anti-corruption: Gov. Ugwuanyi lauds Buhari, EFCC

 

Most Read Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (15,862 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (15,631 views) ASUU strike: Senate intervention ends in deadlock (14,815 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (13,788 views) All you need to know about Peter Obi, PDP VP Candidate (13,593 views) Sickle cell support group seeks lgovernment intervention (12,845 views) Ebonyi bans embalming of corpses in homes (12,605 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (11,708 views) The Big Kick-off: World greatest sports fiesta begins in Russia (11,278 views) France wins 2018 World Cup Final (11,195 views) England beat Spain to win U17 World Cup final (11,175 views) Israel serves quit notice to African illegal migrants (11,049 views)

 

SECTIONS EDITORIAL (9) NEWS (2,037) POLITICS (440) SOCIETY (116) SPORTS (24) BUSINESS (293) HEALTH (20) EDUCATION (29) INTERNATIONAL (45) ENTERTAINMENT (17) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (1) OPINION (18)

 

 

Julius Agwu - Crazy Interview Demands