Facebook’s shareholders have tried to limit Mark Zuckerberg’s powers in response to growing pressures to break up the tech company.
On Thursday, 30th May 2019, the annual Facebook shareholders meeting held. The meeting saw numerous calls for Mark Zuckerberg’s powers to be put in check.
At the meeting, four different shareholder proposals were made to check his powers.
- “A proposal calling for more shareholder a power.”
- “A proposal calling for an independent board chair. “
- “A proposal which compared Zuckerberg’s control of the company to a “dictatorship,” for shareholder input in elections to the board of directors.”
- “A proposal to explore “strategic alternatives,” including breaking up Facebook into separate companies.”
However, these motions proved to be simply symbolic as Facebook’s board easily voted down all the shareholder’s proposals. This is mostly because Zuckerberg controls the majority of the company’s most powerful shares.
In response to this, Zuckerberg said that his priority was on the social issues facing the company. He said, “This is an important period for the company. We’re fighting to do the right thing every day.”
However, the shareholders were relentless in expressing their desires to see changes in the company.
Also, an attendee asked Zuckerberg if he would respond to people who want him to give up some of his powers. To this question, he responded, “I do acknowledge there are limits to what an individual company should be deciding.”
All these pretty much mean that Zuckerberg will not be going away any time soon despite various calls to absorb him of his powers. The company is most likely not going to be breaking up anytime soon.