Board of directors of Facebook uniformly voted down a series of the shareholders’ proposals that are calling checks on Mark Zuckerberg’s power as a CEO and board chair. Eight shareholders submitted their proposals trying to challenge Zuckerberg’s, but all rejected during social media’s annual shareholder meeting held in Menlo Park in California. This is happening for the fifth time that Mr. Zuckerberg has faced such vote.
The proposals were widely expected to fail as Mark Zuckerberg had monopoly voting power and controlled 88% of Facebook shares, which granted him 58% of the vote. Some of the shareholders are of an interest that Zuckerberg should step down and hire a replacement so that he can on the social media company as a whole. Similarly, proposals calling out for redistribution of voting power have been submitted in the past five years which have n rejected.
They showed various signs stating disrespect by holding up giant angry emoji with signs saying that ‘Facebook is out of control’ and many more. With the failure of proposals, Zuckerberg will not be ousted until and unless he first sells a significant proportion of shares. Zuckerberg currently owns a minority of overall shares of Facebook. Moreover, any practices oust Zuckerberg out of from the CEO seat is likely to fail. Zuckerberg currently serves as Facebook’s CEO and the chair of the board of directors as well.
Co-founder of Facebook along with some other critics contended that the government regulators must require Facebook to spin off services such as WhatsApp an Instagram. Whereas, Mr. Stamos believes that it would just create three companies suffering the same fundamental problems. Moreover, Facebook has been dealing with issues concerning privacy, fake news, and hate speech on different platforms