TECH
Facebook: Shareholders do not want Zuckerberg as presidente
The latest Facebook shareholder meeting did not have good news for Zuckerberg. The Business Insider says that 68% of outside shareholders voted a proposal to remove the founder from the position of chairman of the company.
Note that these external shareholders do not belong to the administration of Facebook, so they are independent investors and are entitled to one vote per share held. The vote was eventually taken over by Facebook executives who decided in favor of Zuckerberg. These executives are entitled to 10 votes per share, thus having a stronger voting power.
Interestingly, there was yet another proposal to address this imbalance in voting power, with 83.2% of independent shareholders voting against this structure.
"The results speak for themselves. Mark Zuckerberg and the management of Facebook have to listen to the shareholders of the company. Arrogance is not a substitute for good corporate governance, "said Michael Connor, CEO of Open Mic, a US company that works with shareholders to improve corporate governance.
Miguel Dias
Note that these external shareholders do not belong to the administration of Facebook, so they are independent investors and are entitled to one vote per share held. The vote was eventually taken over by Facebook executives who decided in favor of Zuckerberg. These executives are entitled to 10 votes per share, thus having a stronger voting power.
Interestingly, there was yet another proposal to address this imbalance in voting power, with 83.2% of independent shareholders voting against this structure.
"The results speak for themselves. Mark Zuckerberg and the management of Facebook have to listen to the shareholders of the company. Arrogance is not a substitute for good corporate governance, "said Michael Connor, CEO of Open Mic, a US company that works with shareholders to improve corporate governance.
Miguel Dias
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