Facebook investors launch desperate bid to overthrow Mark Zuckerberg



I'm mad.
I'm mad.

Image: Niall Carson / PA / Getty Images

The call to oust Mark Zuckerberg comes from inside the house.

A group of investors teamed up to try to replace Facebook's chief executive and chairman of the board of directors with an independent voice. The plan, presented in a document filed by the SEC on April 12, does not mince words in his review of the 34-year-old smoked meat fan.

"[Zuckerberg’s] The double class gives him about 60% of Facebook's voting shares, which leaves the board, even with a senior independent director, with limited ability to verify the power of Mr. Zuckerberg, "reads the statement. supporting the proposal. " We think this weakens Facebook's governance and management oversight. "

In other words, even investors on Facebook think that an uncontrolled Zuckerberg is bad for business. And in case that is not clear enough, they put forward some examples that, in their opinion, demonstrate how miserably it has failed.

"We believe that this lack of chairman and independent control of the board of directors has contributed to the loss, or mismanagement, of a number of serious controversies, increasing the risk exposure and the costs to the shareholders, "says the proposal.

He goes on to give the following examples: "Russian intervention in US elections", "Sharing personal data of 87 million users with Cambridge Analytica", "Sharing data with device manufacturers, including Huawei, appointed by the US intelligence services as a threat to national security "False proliferating news", "Spread of violence in Myanmar, India and South Sudan", "Depression and other mental health problems, including the stress and addiction, "and" Allow advertisers to exclude black, Hispanic and other ethnic affinities. & # 39; to see the ads. "

The plan, if adopted, would make the "chairman of the board of directors, to the extent possible, an independent board member".

Unsurprisingly, Facebook is not a fan. The company dismissed the need for an independent board chairman, before reminding the investors in question that they do not really have the votes to carry out this maneuver.

"In addition, writes Facebook, our shareholders rejected a similar proposal at our 2017 annual meeting of shareholders."

Although this specific attempt to remove Zuckerberg 's chairman of the board of directors from his post is doomed to failure, the fact that it is a recurring effort sends a warning about the imminence of accountability to the CEO. If it is not today, then tomorrow. Time will tell if he listens.

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