PH
A group of Facebook shareholders wants to replace board chairman Mark Zuckerberg with an independent member of the board.
Shareholders of Facebook requested the company’s board of directors to adopt a policy, and amend the bylaws as necessary, to require the chair of the board to be an independent member.
Zuckerberg has been Facebook’s board chair since 2012, which the shareholders do not condone.
“If he’s an employee, he needs a boss, and that boss is the board. The chairman runs the board. How can the CEO be his own boss?” the group argued.
“We believe the combination of these two roles in a single person weakens a corporation’s governance, which can harm shareholder value.”
“We urge shareholders to vote for this proposal.”
See the proposal below:
