Facebook investors call for independent chair to separate positions held by CEO Mark Zuckerberg

Mail Online | 6/4/2019 | Reuters
normanorma (Posted by) Level 4
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Public pension fund leaders on Tuesday called for separating the chairman and chief executive officer positions at Facebook Inc, both held by co-founder Mark Zuckerberg, citing a vote that showed strong support for the idea among outside investors in the world's largest social media company.

'Facebook's insular boardroom must be cracked open because the company has no accountability to its users, its investors, or our democracy,' said New York City Comptroller Scott Stringer in an e-mailed statement.

Statement - Illinois - State - Treasurer - Michael

In a separate statement, Illinois State Treasurer Michael Frerichs said that 'Facebook's independent investors agree that it´s time for the company to separate the Board Chair and CEO roles. Right now, Mr. Zuckerberg is both Board Chair and CEO, serving as his own boss, and clearly it's not working.'

A Facebook representative declined to comment on the remarks, or on similar comments made by the treasurers of Connecticut, Rhode Island and Pennsylvania.

Company - Pressure - Investors - Data - Privacy

The company is under pressure from investors over data privacy issues and its role in elections, which have attracted scrutiny from regulators.

Stringer and Frerichs oversee pension funds that hold Facebook shares and were among a group of investors who filed a...
(Excerpt) Read more at: Mail Online
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