Facebook shareholders try to fire Mark Zuckerberg as chairman because of the ‘mishandling’ of recent privacy and election meddling scandals

Investment company Trillium Asset Management filed a proposal on Wednesday to oust Mark Zuckerberg as chairman of Facebook
The investors want to break up Zuckerberg’s role as both chairman and CEO
Proposal argues that shareholders are unable to check Zuckerberg’s power given he holds roughly 60 percent of Facebook’s voting shares
They say having him as both weakens the board’s oversight of management
Investors argue that the oversight has contributed to Facebook ‘mishandling’ recent controversies, including Cambridge Analytica and election meddling
It came just hours after Facebook shares went into a freefall on Wednesday, wiping out an estimated $150 billion in market value
Zuckerberg also took a hit with him losing nearly $20 billion in just two hours

By EMILY CRANE and ANNIE PALMER
DAILYMAIL.COM
26 July 2018

Shareholders are trying to fire Mark Zuckerberg as chairman of Facebook because of the social media giant’s ‘mishandling’ of recent scandals, including the Cambridge Analytica data saga, Russian meddling in the US election and fake news.

Investment company Trillium Asset Management, who has about $11 million in Facebook stock, filed a proposal on Wednesday to break up Zuckerberg’s role as both chairman and CEO, Business Insider reports.

The proposal argues that shareholders are unable to check Zuckerberg’s power given he holds roughly 60 percent of Facebook’s voting shares as both chair and CEO.

‘A CEO who also serves as chair can exert excessive influence on the board and its agenda, weakening the board’s oversight of management,’ the proposal states.

‘Separating the chair and CEO positions reduces this conflict, and an independent chair provides the clearest separation of power between the CEO and the rest of the board.’

The investment company says this oversight has contributed to Facebook ‘missing or mishandling’ several ‘severe controversies’ in past years, which they say increases risk exposure and costs to shareholders.

The specific examples the shareholders used include: Russian meddling in US election, the sharing of 87 million users’ personal data with Cambridge Analytica, proliferating fake news and social unrest in Myanmar and Sri Lanka.

Chances of Zuckerberg’s roles being split remain slim given Facebook has rejected similar shareholder requests in the past. A proposal last year to oust Zuckerberg as chairman received 51 percent of the votes.

>The push to split Zuckerberg’s role into two comes as the social media giant continues to face concerns, including:

Shares plummeting by some 21 percent, wiping out an estimated $150 billion in market value
European privacy rules that went into effect in May, which partly resulted in Europe users dropping from 377 million to 376 million
Fallout from Cambridge Analytica scandal in which personal data from 87 million Facebook users was collected, prompting several apologies from Zuckerberg
Facebook’s new video feature allowing Infowars on its platform, despite it peddling conspiracy theories including that Sandy Hook was a hoax
Zuckerberg was also called on to remove harassing comments from Sandy Hook conspiracy theorists directed at the parents of victims

The Rest…HERE

This entry was posted on Thursday, July 26th, 2018 at 10:06 am and is filed under Media Lies, New World Order, oops, Technology. You can follow any responses to this entry through the RSS 2.0 feed.