MENLO PARK, CA (CelebrityAccess) — Reuters is reporting that several public funds with investments in Facebook have backed a proposal to remove the company’s founder and CEO Mark Zuckerberg as chairman of the company and make the role of chairman of the board an independent position.
The proposal is calling for Zuckerberg’s removal after the investors say Facebook mishandled a series of major scandals that have put the social media giant and its business practices in the spotlight.
Representatives for the public funds included State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, Reuters said. All co-filed the proposal which was originally advanced by the hedge fund Trillium Asset Management in June, Reuters reported.
Facebook has been embroiled in a series of scandals, from revelations that they provided sensitive user data to third-party companies, including the controversial political data firm Cambridge Analytica hired by the Trump campaign during the 2016 election, to more recent revelations of a data breach that affected millions of users.
“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,” 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. An independent board chair is essential to moving Facebook forward from this mess, and to reestablish trust with Americans and investors alike,” Stringer added.
The proposal will be voted on during Facebook’s annual shareholder meeting in May 2019.