Facebook investors will only get to vote on the pay of Chief Executive Mark Zuckerberg every three years, rather than annually as most outside shareholders would prefer by RossKerber katielpaul
BOSTON/SAN FRANCISCO - Facebook Inc investors will only get to vote on the pay of Chief Executive Mark Zuckerberg every three years, rather than annually as most outside shareholders would prefer, according to a vote tally released by the world’s largest social media company late on Monday, following its annual meeting last week.
The voting imbalance means Zuckerberg, who co-founded Facebook in his Harvard University dorm room, has been able to resist change even as his company comes under pressure from investors over data privacy and its role in elections, which have attracted scrutiny from regulators. Assuming the roughly 4 billion votes controlled by Zuckerberg and other executives and directors backed the three-year option, as the company recommended, that means about three-quarters of outside shareholders wanted an annual vote. Such a lopsided count would likely lead to change at most U.S. corporations.
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