According to a report by NBC, shareholders said mishandling of several high-profile scandals is the reason behind a proposal to remove Mark Zuckerberg as the Chief Executive Officer of Facebook.
The proposal was sponsored by state treasurers from Illinois, Rhode Island, Pennsylvania and New York City Comptroller Scott Stringer. They joined hedge fund Trillium Asset Management, which brought it to the table in June.
The proposal, set to be voted on at the company’s annual shareholders meeting in May 2019, is asking Facebook’s board to make the role of board chair an independent position. “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.
The proposal said lack of independent board chair and oversight has contributed to Facebook “mishandling” a number of severe controversies, including Russian meddling in U.S. elections and the Cambridge Analytica data leak.
Zuckerberg has about 60 Percent voting power, according to a filing in April. Previous efforts to remove Zuckerberg as chairman have failed. The New York City Pension Funds owned about 4.5 million Facebook shares as of July 31.
The Pennsylvania Treasury holds 38,737 shares of the company, according to a spokeswoman. Trillium holds 53,000 shares.