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New bid to oust Zuckerberg from Facebook in the works

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.

Business Insider|
Apr 15, 2019, 08.48 AM IST
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A similar proposal in 2017 was popular among independent investors but was crushed because of Zuckerberg’s voting power.
NEW YORK: 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 US 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, 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.

Responding to the proposal in the SEC filing, Facebook called on investors to vote it down. The chance of it becoming a reality is extremely slim. A similar proposal in 2017 was popular among independent investors but was crushed because of Zuckerberg’s voting power.
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