Facebook’s (FB) major investors are asking for the removal of CEO Mark Zuckerberg as chairman of the board. The group includes government officials and public funds. The proposal, which calls for the role of chairman to be made an independent position, is set to be voted on at the company’s shareholder meeting in May 2019.
Trillium Asset Management first brought the proposal forward in June. The hedge fund is now being joined by New York City Comptroller Scott Stringer as well as treasurers from the states of Pennsylvania, Illinois and Rhode Island.
The proposal is seen as largely figurative as Zuckerberg holds complete control of the board through majority voting power
The proposal is seen as largely figurative as Zuckerberg holds complete control of the board through majority voting power and although several similar proposals were brought forward on earlier occasions, none have passed.
The shareholders believe that Facebook has a major role to play in society which demands greater accountability that seems to be lacking in the current scenario. The group reportedly feels the leadership failed to manage the company properly leading to several controversies related to data privacy and election meddling.
From early on in the year, Facebook has been hit with scandals and security breaches which have hurt the stock and sparked litigation problems for the company as well. At the last annual shareholders meeting in June this year, investors grilled the management over the data misuse issue and put forth several proposals including changes to the voting structure and more transparency. All the proposals were turned down.
Facebook did not provide any comment on the matter. As of 3:25 pm ET, the stock was up 0.48%.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard