Facebook's active shareholders are going to next month's annual shareholder meeting with the goal of dropping Mark Zuckerberg as CEO.
The company has set May 30 as the annual shareholders 'meeting to vote on private shareholders' proposals.
Of the eight shareholders' proposals, two will be familiar with Zuckerberg and the rest of the board of directors, with investors making another attempt to impose changes to the government's social network.
Down falls
One of the proposals, entitled "Shareholders' proposal for the Independent Chairman", includes the disposal of Zuckerberg with the appointment of an independent Executive Director instead.
There was an attempt last July by active contributors tired of the current administration's mishandling of repeated scandals, including the Cambridge Analytic scandal.
But investors - who control $ 3 billion of the company's shares - have failed to vote because the voting system gives Zuckerberg the voting power.
Facebook voting is limited to shareholders A and B and B shareholders have ten times the voting power of category A, and since Zuckerberg owns 75% of B shares, the fate of this proposal is likely to be Like his predecessor.
"We believe that the board works effectively under its current structure, which provides adequate supervisory protection," Facebook said in its rejection of a vote on the proposal last year.
"We do not believe that the president's demand for resignation will provide significantly better guidance and performance, and instead could cause inefficiency in the function and relations of the administration and the council."
| Zuckerberg owns 75% of the shares of category (B), which is likely to vote for him (communication sites) |
Amend the stock constitution
The annual investor meeting will be a golden opportunity to vote on the cancellation of the existing equity structure, which gives Zuckerberg the power and introduction of "fair and appropriate mechanisms through which the disproportionate rights of Class B shareholders can be canceled."
"We are urging shareholders to vote in favor of a recapitalization plan for all shares to get one vote per share," said the second shareholder proposal, which they drafted as "false news, entering the elections, threats to our democracy.
It is not clear from the investor who drafted the proposal, but the company again calls on voters to reject it, as they did during the last five annual meetings.
"We believe that our capital structure is in the interest of equity holders and that the current corporate governance structure is sound and effective," Facebook said.
The investors' suggestion is a state of dissatisfaction among shareholders over the way Facebook is run after a year of hell.