Since 2012, Mark Zuckerberg has served as the CEO and Chairman of Facebook, one of the largest corporations in the world. Shareholders have dealt with it, allowing Zuckerberg near total control of the organization, until recently.
Now, a group of shareholders who are a part of the corporate power damper group SumOfUS, believe it is in the company's best interest to install an independent Chairman.
“In our view, shareholder value is enhanced by an independent board chair who can provide a balance of power between the CEO and the board and support strong board leadership.” – reads the proposal.
The proposal for change comes as the company restructure non-voting Class C stocks last year that aims at fuelling Zuckerberg’s philanthropy projects for which he would be selling 99% of his shares. The new Class C structure has consolidated Zuckerberg's power even more than before.
In addition, shareholders believe it would be “particularly constructive” to diversify the leadership as the company begins editing and censoring "fake news," all of which is being voted on by the Zuckerberg-lead board.