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Facebook shareholders vote against some stockholder proposals


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Fintech Intelligence Digital Newsletter: April 2021

Facebook shareholders vote against some stockholder proposals

Shareholders of Facebook Inc. voted against certain stockholder proposals at the company's May 30 annual meeting.

Stockholders did not approve the proposal regarding an independent board chair as well as the proposal on a change to the stockholder voting structure.

While several independent shareholders have pushed for proposals that eliminate the dual-class share structure that provides Facebook Chairman and CEO Mark Zuckerberg with more than 50% voting power in his company, Zuckerberg and a handful of other class B shareholders continue to wield the majority of voting rights. Class B stock allows the holders 10-1 voting rights.

Other stockholder proposals that were not approved at the May 30 meeting include majority voting for directors, a diversity board policy, content governance report, median gender pay gap, workforce diversity and a proposal on strategic alternatives.

The following director nominees were elected at the meeting: Peggy Alford, Marc Andreessen, Kenneth Chenault, Susan Desmond-Hellmann, Sheryl Sandberg, Peter Thiel, Jeffrey Zients and Mark Zuckerberg.