68% of ordinary Facebook investors want Mark Zuckerberg ousted as chairman. But Zuckerberg holds 58% of the voting power and overruled them at this year's shareholder meeting.
Facebook investors voted on eight stockholder proposals presented at the company's annual shareholder meeting on Thursday, including multiple recommendations to put checks on Zuckerberg's ironclad grip on the company he founded.Each of the stockholder proposals were ultimately voted down, as Facebook recommended. Zuckerberg has the majority of voting power over Facebook, thanks to his ownership of a special class of stock -- Class B -- that comes with 10 votes per share.
"I don't think that people overall would want companies to have so much unilateral authority to make decisions over speech and elections and privacy," Zuckerberg said at the event."I think the big question that we need to answer is: what is the right framework, whether it's regulation or industry bodies, that will enable us to solve the specific issues we're grappling with?"It's not the first time Zuckerberg has faced investor concerns about his power.
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