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Facebook’s shareholders launch bid to oust Mark Zuckerberg and abolish the firm’s share structure during annual shareholding meeting – social site has called on its investors to strike it down

Facebook’s shareholders launch bid to oust Mark Zuckerberg and abolish the firm’s share structure during annual shareholding meeting – social site has called on its investors to strike it down

The company listed the various proposals that will be tabled during the May 30th annual shareholding meeting

‘Stockholder Proposal Regarding an Independent Chair’ looks to hire an independent executive to replace Zuckerberg as Facebook’s chairman

Investors controlling roughly $3billion of Facebook stock support the measure but it still has a large probability of not gaining ground

The issue stems from Facebook’s dual-class share structure – they allow their Class B shares to have 10 times the voting power of their Class A shares

Zuckerberg owns roughly 75percent of the class B stock

DAILYMAIL.COM

14 April 2019

Facebook investors are trying to oust Mark Zuckerberg as chairman and also rid themselves of the company’s share structure.

In a Securities and Exchange Commission filing from Friday, the company listed the various proposals that will be tabled during the May 30th annual shareholding meeting.

Included in the eight stockholder proposals are two that attempt to create noticeable change at Facebook, Business Insider reports. 

One of the proposals – ‘Stockholder Proposal Regarding an Independent Chair’ – posits that an independent executive be hired to replace Zuckerberg as Facebook’s chairman.

Facebook has asked for its investors to vote the proposal down.

Investors controlling roughly $3billion of Facebook stock support the measure but it still has a large probability of not gaining ground. 

The issue stems from Facebook’s dual-class share structure – they allow their Class B shares to have 10 times the voting power of their Class A shares.

Zuckerberg owns roughly 75percent of the class B stock.

The exceptional power is part of the second proposal’s aim to squash. It calls for ‘fair and appropriate mechanisms through which disproportionate rights of Class B shareholders could be eliminated.’

It added: ‘Fake news, election interference, and threats to our democracy — shareholders need more than deny, deflect, and delay. We urge shareholders to vote FOR a recapitalization plan for all outstanding stock to have one vote per share.’

The Rest…HERE

Source: Facebook’s shareholders launch bid to oust Mark Zuckerberg and abolish the firm’s share structure during annual shareholding meeting – social site has called on its investors to strike it down