Facebook’s investors ‘unlike’ CEO Mark Zuckerberg, file plea to remove him

The proposal that seeks to remove Mark Zuckerberg was filed by members of corporate watchdog group SumOfUs who hold some stake in Facebook. According to a report in VentureBeat, nearly 333,000 people filed a petition seeking to removed Zuckerberg as chairperson of the board of directors. However, only 1,500 of 333,000 are actual shareholders, the report shows.

SumOfUs claims that it is an organisation that’s committed to “curbing the growing power of corporations”. In its proposal, the organisation’s members propose that an “independent chairperson” be appointed who is able



better able to “oversee the executives of the company, improve corporate governance, and set more accountable, pro-shareholder agenda.”

“In our view, shareholder value is enhanced by an independent board chair who can provide a balance of power between the CEO and the board and support strong board leadership. Independent board leadership is sorely needed at Facebook following the board’s decision in 2016 to approve a new capital structure which reduced the rights of Class A shareholders without requiring a majority vote of those shareholders,” the proposal reads.