Influential Facebook shareholders back proposal to remove Zuckerberg as chairman

NBN Business News

NBN Business News

(Reuters) – Several public funds with holdings in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman.

Facebook’s CEO Mark Zuckerberg listens to French President Emmanuel Macron after a family picture with guests of the “Tech for Good Summit” at the Elysee Palace in Paris, France, May 23, 2018. REUTERS/Charles Platiau/Pool

The proposal, originally bought to the table by hedge fund Trillium Asset Management, is now backed by state treasurers from Illinois, Rhode Island and Pennsylvania. New York City Comptroller Scott Stringer also joined the shareholder proposal.

The proposal is asking Facebook’s board to make the role of board chair an independent position.

Reporting by Arjun Panchadar in Bengaluru; Editing by Bernard Orr

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