Several public shareholders in Facebook backed a proposal on Wednesday, 17 October, seeking to remove founder Mark Zuckerberg as the board chairman, stating that he had “mishandled” several controversies involving the social media network.
According to Reuters, the proposal was tabled in June by hedge fund Trillium Asset Management. It has now been co-filed by the state treasurers from Illinois, Rhode Island and Pennsylvania, and was backed by the New York City Comptroller Scott Stringer.
The proposal will be voted on at the annual shareholders’ meet, set to be held in May 2019, and will seek to make the role of the board chair an independent one.
The proposal reportedly claimed that not having an independent board chair had led to Facebook “mishandling” several controversies such as the Cambridge Analytics data leak and Russian meddling in the US elections, among others.
Speaking to Reuters, Stringer said:
“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.”
According to an April filing accessed by Reuters, Zuckerberg currently holds about 60 percent voting share.
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