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Facebook shareholders reject independent chairman proposal

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Facebook shareholders reject independent chairman proposal

Facebook Inc. founder and CEO Mark Zuckerberg will remain chairman of the social networking company after stockholders rejected a shareholder proposal calling for an independent chairman of the board.

Facebook said in a June 6 SEC filing that about 765.5 million shareholders voted in favor and about 5.41 billion voted against the proposal.

Four other shareholder proposals were rejected as well, including a measure to change stockholder voting rights so that all outstanding stock carried rights to one vote per share. Proposals calling for new reports on the company's lobbying activities, efforts to reduce a gender pay gap, and the risks associated with the spread of false information or fake news on Facebook's platform were also voted down.