Shareholders plot Zuckerberg’s removal as Facebook Chairman

By Editor on 18/10/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 985

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...
VP debate: You can’t shutdown economy to fight...

What Atiku said about his endorsement by Afenifere,...

Nwobodo dumps APC for PDP, says all is...

6,000 APC Members defect to PDP

2019: Buhari’s second term will finish Nigeria –...

Metuh, Lawyers absent from Court as his trial...

DSS parades alleged fraudster who breached Aso Villa...

Three persons, over 300 Cattle killed as gunmen...

Supreme Court returns Pinnick, Giwa to High Court...

Power generation drops by 1,087.6MW over gas pipeline...

Kaduna crisis: Police arrest 93 suspects

Buhari, APC failed Nigerians on all campaign promises...

 

Latest News FG orders youth council to put all activities on hold Lawan condemns attack on Ekweremadu, calls for investigation IPOB pledges N1m reward for travel info on South-East governors, Buratai Buhari orders ruthless military action against bandits IPOB orders attacks on South-East governors, Ohanaeze PG over Python Dance Assaulting Igbo leaders can never guarantee Biafra - S’East Govs Police parade suspected killers of Rev Fr Offu, others in Enugu FIFA bans Siasia for life over match-fixing Retired military, police officers carpet Buhari over killings Enugu one of best states for MSMEs, says Vice Pres. Osinbajo Obono-Obla: Buhari’s presidency stinks, reels in corruption – PDP $12m fraud: FBI tracked, arrested Forbes’ celebrated Nigerian young billionaire, Obinwanne Okeke

 

Most Read Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (13,425 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (13,176 views) ASUU strike: Senate intervention ends in deadlock (12,415 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (11,414 views) Sickle cell support group seeks lgovernment intervention (10,470 views) Israel serves quit notice to African illegal migrants (10,266 views) Ebonyi bans embalming of corpses in homes (10,211 views) All you need to know about Peter Obi, PDP VP Candidate (9,811 views) NAFDAC eases processes, cost of registering products for MSMEs (9,237 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (9,195 views) The Big Kick-off: World greatest sports fiesta begins in Russia (8,947 views) England beat Spain to win U17 World Cup final (8,799 views)

 

SECTIONS NEWS (1,501) EDITORIAL (8) POLITICS (431) SOCIETY (110) SPORTS (22) BUSINESS (274) HEALTH (17) EDUCATION (24) ENTERTAINMENT (11) INTERNATIONAL (33) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (11)

 

 

Julius Agwu - Crazy Interview Demands