'Judging from the proxy statement issued by Facebook last week in advance of its May 30 annual meeting, the company’s shareholders are starting to get fed up with its leadership by co-founder, Chairman and CEO Mark Zuckerberg,' hiltzikm writes.
That seemed to be an ideal marriage for much of the following few years, but it’s hardly unusual for even the most heavenly marriages to burst a seam after a time. In corporate governance, the issue is usually money . Facebook’s shares consistently have returned a handsome return to shareholders, which keeps their grousing to a minimum. This year, the shares have gained about 33%.
To justify installing an independent chair, Trillium lists some missteps Zuckerberg has overseen during his monarchical reign. They include facilitating Russian meddling in U.S. elections, allowing the personal data of 87 million users to be accessed by Cambridge Analytica, allowing the proliferation of fake news and “propagating violence in Myanmar, India, and South Sudan,” and “allowing advertisers to exclude black, Hispanic, and other ‘ethnic affinities’ from seeing ads.
That’s a partial list. Zuckerberg’s arrogance, an offshoot of his unassailable position, is palpable. It accounts for Facebook’s chronic insensitivity to its users’ privacy needs, and the trouble the company has gotten into with the Federal Trade Commission and European regulators. Checks on Zuckerberg’s whims almost never arise. One teachable moment came in 2016, when Facebook proposed creating a third class of stock, with no voting rights whatsoever. Zuckerberg pretended that this idea had been cooked up by the board of directors so he and his wife could give away their Facebook shares to charity without his losing voting control, but of course the board of directors is effectively him.
But that’s an outlier. In almost every other particular, Zuckerberg’s position wins. One can admire the persistence of the shareholders who fight every year to defeat him at the annual meeting, but their efforts are a modern-day definition of “quixotic.” Of course, they knew that when they bought their shares, so what do they really have to complain about?
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