- Facebook’s activist shareholders are making another attempt to fire Mark Zuckerberg as chairman and rip up the company’s share structure.
- They will vote on two proposals to overhaul Facebook’s governance at the social network’s annual shareholder meeting on May 30.
- Some investors are unhappy about the tsunami of scandals that have engulfed Facebook and believe that Zuckerberg has too much power.
- Their chances of success are extremely slim, however. Facebook vehemently disagrees with the proposals and Zuckerberg has more than half of the voting power at the firm.
Activist Facebook investors are again going to try to oust Mark Zuckerberg as chairman and abolish what they see as the firm’s unfair share structure.
In a Securities and Exchange Commission filing on Friday, Facebook gave notice of its annual shareholder meeting on May 30 and confirmed the investor proposals that will be voted on during the event.
Among eight stockholder proposals, there are two that will be familiar to Zuckerberg and the rest of the board: Investors are making another attempt to force governance changes on the social network.
One is titled ‘Stockholder Proposal Regarding an Independent Chair’ and makes the case for Zuckerberg to be dethroned as chairman of the board, with an independent executive hired in his place.
Oust Mark Zuckerberg as chairman
Business Insider broke the news of the prosal in July last year after revealing the plans of activist shareholder Trillium Asset Management, which had grown tired of the “mishandling” of scandals including the Cambridge Analytica data breach.
Responding to the proposal in the SEC filing, Facebook called on investors to vote it down.