Facebook rejected two proposals intended to diminish Chief Executive Officer Mark Zuckerberg’s control over the company, an expected though disappointing outcome for those worried about the CEO’s power. From a report: The board Wednesday turned down a proposal to replace Zuckerberg as chairman with an independent representative. Zuckerberg, who has served as chairman since 2012, controls about 58% of the voting shares, according to a regulatory filing. During Facebook’s annual meeting, the board also rejected a proposal to eliminate the special class of super-voting shares that gives Zuckerberg a controlling stake in the company. Under the plan, investors would have been awarded one vote per share. The Zuckerberg-controlled board has rejected similar motions in years past. While not surprising, the votes are likely to frustrate shareholders who argue Zuckerberg has too much power at a time Facebook needs more independent oversight to address its regulatory threats, privacy scandals and public controversies.
of this story at Slashdot.
Source:: Slashdot