Public funds back plan to replace Mark Zuckerberg as Facebook chair

Facebook shareholders move to oust Zuckerberg as chairman...again

Several state officials who manage public funds with holdings in Facebook want to see CEO Mark Zuckerberg out as chairman of the social network's board. Contrafund manager Will Danoff was supportive of Facebook's response to problems in an investor note in August.

Zuckerberg has about 60% voting rights, according to a company filing in April.

This push push for greater independent oversight of Facebook's management comes at a time of heightened criticism of the company's handling of a number of controversies, including Russia's meddling during the 2016 presidential election, the Cambridge Analytica privacy scandal, the platform's role in fanning violence against the minority Muslim population in Myanmar, and the recently disclosed data breach that affected 30 million users.

In a separate statement, New York City Comptroller Scott Stringer said, "We need Facebook's insular boardroom to make a serious commitment to addressing real risks - reputational, regulatory, and the risk to our democracy - that impact the company, its shareowners, and ultimately the hard-earned pensions of thousands of New York City workers". Three state treasurers and the New York City comptroller have joined a shareholder proposal to strip Chief Executive Mark Zuckerberg of his chairmanship.

"Facebook's governance structure continues to put its investors at risk", Illinois State Treasurer Michael Frerichs said in a statement.

Eddie Jones Names 36-Man England Squad For Autumn Internationals
The players feel the support and we can't wait to get out there and play in front of 82,000 against South Africa'. Jones also announced flyhalf Owen Farrell and hooker Dylan Hartley as co-captains of the side.

The plan would require the company to appoint an independent chairman of the board, breaking up Zuckerberg's dual positions as CEO and chairman.

The proposal, set to be voted on at the company's annual shareholder meeting in May 2019, is asking Facebook's board to make the role of board chair an independent position. Rhode Island State Treasurer Seth Magaziner explains, "This will allow us to force a conversation at the annual meeting, and from now until then in the court of public opinion".

Considering Zuckerberg's outsized influence on the company, the proposal is likely to go in vain.

A Facebook spokeswoman declined to comment.

Last week, Facebook said cyber attackers had stolen data from 29 million Facebook accounts using an automated program that moved from one friend to the next, adding that the data theft had hit fewer than the 50 million profiles it initially reported.

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