Now Facebook shareholders slam Zuckerberg over voting shares

San Francisco : After facing the flak from different quarters including governments around the world over the Cambridge Analytica data leak scandal, Facebook CEO Mark Zuckerberg has now faced angry shareholders for unequal voting shares, the media reported.

At the company’s annual meeting on Thursday, activist investors had forced votes on six proposals to change the company’s governance or institute other reforms, the Guardian reported.

But thanks to the company’s unequal voting structure, Zuckerberg and his board of directors escaped the election unscathed.

The event, however, provided a platform for crticising the leadership of Zuckerberg and his board of directors.

One of the attendees in the meeting, Christine Jantz of Northstar Asset Management,
Advertisement talked in favour of a proposal to reform Facebook’s stockholder voting structure.

Under the company’s current structure, Zuckerberg controls the majority of voting shares despite not owning a majority of the company.

This is because his shares have 10 times the voting power of the shares available to regular investors.

Problems like the Cambridge Analytica scandal were the results of that structure, according to Jantz.

He called it an “egregious example of when a board is formed by a CEO to meet his needs” rather than those of investors.

James McRitchie, a shareholder activist, termed the current voting structure a “corporate dictatorship”.

“Mr Zuckerberg, take a page from history,” he was quoted as saying.

“Emulate George Washington, not Vladimir Putin,” he added.

The meeting also discussed the company’s various initiatives to increase advertising transparency, improve content moderation, and prevent interference in elections, the report said.

—IANS

Also read-

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Stories

Facebook must make public human rights audit about India

0
By Abdul Bari Masoud New Delhi: At a webinar, activist groups and whistleblowers pushed social media behemoth Facebook to make public a human rights audit...

FIR against Zukerberg for FB post against Akhilesh

0
KANNAUJ, UP:  A case has been registered against Facebook CEO Mark Zuckerberg over an alleged controversial post against Samajwadi Party chief Akhilesh Yadav. The...

Protests across U.S. against Facebook’s role in anti-Muslim hate speech, violence by Hindu extremists...

3
By Muslim Mirror Network WASHINGTON, DC  – Hundreds of people of different faiths, professions and backgrounds gathered in eight major U.S. cities Saturday and Sunday...

Why Facebook did not designate RSS and Bajrang Dal as ‘dangerous organisations’: Congress

2
By Special Correspondent New Delhi: Accusing Facebook of ‘fomenting communal hatred’ and ‘influencing’ elections in India, main opposition Congress on Monday reiterated its demand of...
WASHINGTON : The Republican-majority US House of Representatives has passed a bill to provide $14.3 billion in aid to Israel amid the Jewish nation’s ongoing war with the Hamas militant group in Gaza. The bill was passed on Thursday by...
Washington : The White House has announced that US President Joe Biden’s administration is set to establish the country’s first-ever national strategy to counter Islamophobia. At a press briefing on Wednesday, White House Press Secretary Karine Jean-Pierre said: “President Biden...
ISTANBUL : Almost three weeks into the Israel-Palestine conflict, Israel continues to pound Gaza with airstrikes including the latest attack on a Greek Orthodox Church. The fighting GAZA CITY Eight people were killed and several others injured in an Israeli attack on...
By Muslim Mirror Staff An Israeli airstrike on Tuesday resulted in the loss of approximately 500 Palestinian lives at the Al-Ahli Al-Arabi hospital in Gaza City. The hospital, which was already crammed with patients and displaced people, bore witness to...
GAZA CITY, Palestine : More than 400,000 Palestinians have been internally displaced in the Gaza Strip amid a massive Israeli air campaign, the UN humanitarian office said Saturday. “Most people have no access to clean drinking water after supply through...