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Facebook Shareholders Back Proposal To Remove Zuckerberg As Chairman

20 October 2018

Facebook shareholders move to oust Zuckerberg as chairman...again A group of powerful public funds have given their blessing to a proposal by Facebook shareholders that would remove Mark Zuckerberg from his position as chairman of the company's board of directors. Shares held by the Treasurers of IL and Rhode Island were not immediately available. The 2017 resolution was supported by at least three of the same public funds backing the latest proposal. The proposal asks that Zuckerberg be removed as chairman, and make the position independent from his role as CEO.

"Without an independent board chair, the board's oversight of the company remains inadequate as evidenced by the recent mishandling of several controversies", Mr Magaziner said.

Shares of Facebook were last seen trading at $157.40, with a consensus analyst price target of $207.89 and a 52-week trading range of $149.02 to $218.62.

"We do not believe that requiring the Chairman to be independent will provide appreciably better direction and performance, and instead could cause uncertainty, confusion, and inefficiency in board and management function and relations", Facebook said at the time. But it's not the first time shareholders have objected to Zuckerberg's power structure.

Facebook was not immediately available to comment.

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Also cited were advertising options that allowed sellers to avoid racial minorities and the role of Facebook "propagating violence in Myanmar, India and South Sudan".

Mark Zuckerberg testified before a combined Senate justice and trade committee after 87 million Facebook users had their personal information collected by Cambridge Analytica, a British political consulting firm.

But it follows a similar proposal just a year ago - which Zuckerberg defeated - that indicates "growing" unrest among investors, the report said. Pennsylvania and Rhode Island's treasuries hold 38,737 and 168,203 shares in the company respectively.

Among funds that are Facebook's largest investors, the Vanguard Total Stock Market Index Fund and Fidelity Contrafund voted against the 2017 proposal, securities filings show, while the American Funds Growth Fund of America supported it. The proposal comes right after the recent data breach that affected 30 million Facebook accounts.

Facebook Shareholders Back Proposal To Remove Zuckerberg As Chairman