A few noteworthy Facebook shareholders have presented a proposition calling for CEO Mark Zuckerberg to quit as chairman of the organization’s board.
The proposition comes directly after the ongoing data breach that influenced 30 million Facebook accounts.
State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-documented the proposition.
They administer cash including benefits pension funds and joined lobbyist and unique filer Trillium Asset Management.
“Facebook plays an outsized role in our society and 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.
We need Facebook’s insular boardroom to make a serious commitment to addressing real risks—reputational, regulatory, and the risk to our democracy—that impact the country, its shareholders, and ultimately the hard-earned pensions of thousands of New York City workers,” New York City Comptroller Scott Stringer said.
The proposition, set to be cast a ballot on at Facebook’s yearly investor meeting in May 2019, is requesting that the board make the job of the seat a free position.
According to shareholders the Facebook also should have separate CEO and chairperson as like other leading tech firms such as Google, Microsoft, and Apple reported Independent.
Zuckerberg 16 percent of Facebook stock yet holds 60 percent voting rights, as indicated by an organization recording in April.
The New York City Pension Funds claimed around 4.5 million Facebook shares starting on July 31, while Trillium held 53,000 offers.
The Pennsylvania Treasury held 38,737 offers and the Illinois Treasury claimed 190,712 offers as of August.
Another proposal to supplant Zuckerberg as an executive was recorded in April before his Senate declaration about Cambridge Analytica’s abuse of Facebook client information.
The present proposition, implied for Facebook’s yearly investor meeting in May 2019, requests that the board make an autonomous board seat to enhance oversight, a typical practice at different organizations.
Facebook has not yet issued any official articulation in regards to the proposition.