7 July 2020

Facebook shareholders urged to rebel against Zuckerberg

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Facebook shareholders have been urged to rebel against the company's "dysfunctional" governance structure by opposing its board compensation policy this week, ousting Mark Zuckerberg as chairman and withholding support for some directors. reports citing foreign media that influential investor groups ISS and Glass Lewis have advised shareholders to support a resolution requiring an independent board chairman at its annual meeting on Wednesday (US time), a proposal that would effectively block Facebook's founder and chief executive from also holding the position.

The group said pay for top executives was based on "vague metrics" such as "making progress on the major social issues facing the internet and our company", and "build[ing] new experiences that meaningfully improve people's lives today".

It added that Mr Zuckerberg's $US20.5 milion ($31.3 million) in security costs, which are paid by Facebook, had not been properly explained, and included $US3 million of costs related to personal travel.

2020.05.25 / 17:12
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