The dictatorship of the CEO of Facebook, which is denounced by its shareholders

year-To-year, the pressure mounts at the general meeting of shareholders of Facebook, as evidenced by the one that was held this may 30 at the hotel Nia, Califo

The dictatorship of the CEO of Facebook, which is denounced by its shareholders

year-To-year, the pressure mounts at the general meeting of shareholders of Facebook, as evidenced by the one that was held this may 30 at the hotel Nia, California. While critics of the business were to fly over a banner for a plane to call for the dismantling of Facebook, investors have been particularly inspired to try to reduce the power of the CEO. Mark Zuckerberg reign in the effect on the company and its board of directors, of which he is president. It further controls 58 % of the voting rights of Facebook and leads, according to one of the shareholders, the company "like a dictatorship".

Eight resolutions were defended by the shareholders to try to reorganize the governance, such as the appointment of an independent director to take over as head of the board of directors. Another proposed revising the method of voting in order to make the voice of Mark Zuckerberg less important in the case of some votes, since it controls the majority of votes even if it is now a minority shareholder.

Submitted to a vote, these proposals have all been rejected. In the Face of questions from holders of shares, Mark Zuckerberg has not shown itself more inclined to compromise. One of those who asked him if he could be demoted from his position, Mark Zuckerberg has preferred the dodge by suggesting to put in place a better regulation of the technology sector. Susan Desmond-Hellmann, the main administrator of Facebook, has proved to be even more frank, when one of the shareholders asked whether there were plans to replace ceo Mark Zuckerberg to the presidency of Facebook. "The answer is no. I don't have the intention to convene such a meeting and, as stated in the proxy, this is not the direction we want to lead the company." The critics of Mark Zuckerberg have a new year to prepare.

SEE ALSO: Bruno Patino: "A Facebook or a Google without advertising model would be totally different".

Bruno Patino: "A Facebook or a Google without advertising model would be totally different" - Look on Figaro Live

Updated Date: 03 June 2019, 00:00

Kathleen Lees

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