Shareholders plot Zuckerberg’s removal as Facebook Chairman

By Editor on 18/10/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 763

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...
Nigeria ripe for Restructuring Now – Nwodo in...

Governor Ugwuanyi emerges PDP governorship candidate in Enugu...

Stay away from crime, ex-President Jonathan counsels students...

2019: ICPC to invoke powers to prosecute vote...

APC fires back at The Economist, HSBC for...

Presidency: I won’t complain again about Nigeria’s problems...

Egypt sentences ex-President Morsi’s adviser, 13 others to...

Freezing Benue State account unconstitutional – Governors

2019: Obasanjo forgives Atiku, endorses him for president...

Lagos on edge as Ambode faces two aspirants...

Saraki, Kwara Gov. Ahmed dump APC

Unknown gunmen kill 2, kidnap 9 in Kaduna...

 

Latest News Our endorsement of Atiku, Obi sacrosanct —Ohanaeze Order on ballot box snatchers: We’ll act according to the law – Army Buhari orders Army, Police, others to kill ballot box snatchers Outrage as Buhari declares death for ballot box snatchers Ballot box: Buhari showing his true colours with death threat – Atiku Enugu East: Court sacks APC Senatorial candidate Postponement: Presidency speaks on alleged plans by Buhari to remove INEC chairman Customs officer allegedly kills passenger over N5,000 bribe Woman allegedly defrauds church of N110m, nabbed APC national caucus meets on Monday, ahead of rescheduled elections Election Postponement: INEC Chairman has many questions to answer --ABC Nwosu TI doubts safety, integrity of electoral materials

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (7,629 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (6,421 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (6,121 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (5,612 views) ASUU strike: Senate intervention ends in deadlock (5,492 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (4,573 views) Prince Arthur Eze canvasses support for Buhari, Ugwuanyi (4,466 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (4,393 views) Anambra: INEC releases 37 candidates for Nov poll (4,343 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (4,341 views) Buhari has disappointed Nigerians – Arewa Youth Forum (4,300 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (4,218 views)

 

SECTIONS NEWS (831) EDITORIAL (6) POLITICS (412) SOCIETY (105) SPORTS (13) BUSINESS (241) HEALTH (16) EDUCATION (20) ENTERTAINMENT (8) INTERNATIONAL (31) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (10)

 

 

Julius Agwu - Crazy Interview Demands