Shareholders will vote on two proposals to overhaul Facebook's governance at the social network's annual shareholder meeting on May 30.
This is because of Facebook's dual-class share structure. Class B shares have 10 times the voting power of class A shares, and it just so happens that Zuckerberg owns more than 75% of class B stock. It means he has more than half of the voting power at Facebook.Which is why activist shareholders want to abolish the share structure.
It said:"Fake news, election interference, and threats to our democracy -- shareholders need more than deny, deflect, and delay. We urge shareholders to vote FOR a recapitalization plan for all outstanding stock to have one vote per share." It is not clear which investor has drawn up the proposal, but Facebook again calls for it to be dismissed by shareholders, as they have during the last five annual meetings."We believe that our capital structure is in the best interests of our stockholders and that our current corporate governance structure is sound and effective," it said.
Facebook will almost certainly get its way. But the two investor proposals mark continued dissatisfaction among shareholders about the way Facebook is run following a year from hell for the company. It also shows that investors continue to believe that Zuckerberg has too much power.NOW WATCH:
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