It seems some Facebook shareholders want Zukerberg off the board

By Hardik Singh | Updated Feb 07 2017
It seems some Facebook shareholders want Zukerberg off the board
HIGHLIGHTS

A group of shareholders have requested Facebook to replace Mark Zuckerberg as the chairperson of the board of directors of Facebook.

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A group shareholders has filed a petition to oust CEO and Founder, Mark Zuckerberg, from the company's Board of Directors. A proposal requesting the same was released by a consumer watchdog group called the SumOfUs. According to VentureBeat, the proposal suggests to replace Mark Zuckerberg for an independent chairperson, who could carry the company forwards and bring in pro-shareholder agenda, while improving corporate governance. Facebook has declined to comment on the proposal, but will likely put out a statement in April, during its annual proxy filing, VentureBeat's report said. 

According to the report, capital markets advisor for SumOfUs, Lisa Lindsley said the proposal was put in place after the petition was signed by 3,33,000 people, asking Facebook to remove Mark Zuckerberg as the Chairperson of the Board of Directors. Although, only 1500 were of these signatories are Facebook shareholders. 

Mark Zuckerberg still holds a majority at the company. In addition, the company has added a bunch of new arms to its business, revolving around the social media business. Facebook's growth has been very similar to Google's so far.

The proposal says, “We believe that independent board leadership would be particularly constructive at Facebook as our company faces increasing criticism regarding its perceived role in the promotion of misleading news; censorship, hate speech and alleged inconsistencies in the application of Facebook’s community standards guidelines and content policies; targeting of ad views based on race; collaboration with law enforcement and other government agencies; and calls for public accountability regarding the human rights impacts of Facebook’s practices.”

SumOfUs is an independent organisation that “exists to put bad corporations back in their place”, says its website. It is an online group that holds companies accountable for dodging taxes, polluting the environment and more.

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Hardik Singh

Light at the top, this odd looking creature lives under the heavy medication of video games.

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