Face it, Zuckerberg, investors want you to book out
Facebook shareholders urged to revolt against directors and appoint an independent chairperson
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 chairperson and withholding support for some directors.
Influential US investor groups ISS and Glass Lewis have advised shareholders to support a resolution requiring an independent board chairperson at Wednesday’s annual meeting, a proposal that would effectively block Facebook’s founder and CEO from holding the position.
ISS has said shareholders should withhold their votes on re-electing Marc Andreessen and Peter Thiel, two high-profile Silicon Valley investors, due to their roles on its compensation committee...