Major Facebook Shareholders Seek To Dethrone Mark Zuckerberg As Board Chairman

Mark Zuckerberg  The year 2018 is most likely the most noticeably awful year of Mark Zuckerberg's life in view of progressive informatio...

Mark Zuckerberg 

The year 2018 is most likely the most noticeably awful year of Mark Zuckerberg's life in view of progressive information leaks driving Zuckerberg to testify before Congress, now major investors are pushing to show him out from his position as Chairman of the board. As of late, treasurers of Rhode Island, Illinois, and Pennsylvania raised marked a proposition issued by Trillium Asset Management in June. 

The proposition suggests that Mark Zuckerberg should be removed as the Chairman. This is a direct result of mishandling high profile scandals and absence of transparency. Mjor stakeholders will cast a ticket on the proposal in Facebook's yearly financial specialist meeting set for May 2019. The suggestion demands investors to choose an independent executive, much the same as Tesla is doing.

Official statement from the New York City Comptroller.

“Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent – that’s why we’re demanding independence and accountability in the company’s boardroom.

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. An independent board chair is essential to moving Facebook forward from this mess, and to reestablish trust with Americans and investors alike.”

This isn't the first time that such plans have been raised to upset Mark Zuckerberg's position. In April, a similar endeavor was made, but since Zuckerberg holds 60 percent casting a ballot rights. Hence, the arrangement was unsuccessful. 

Notwithstanding, this time, association of investors could get it done. A few noteworthy investors like The New York City Pension Funds that claim 4.5 million Facebook shares. The Pennsylvania Treasury holds 38,737 offers, Trillium is the proprietor of 53,000 offers, are backing the proposition. 

Facebook has not yet issued any official explanation with respect to the proposition.