Four major US public funds that hold shares in Facebook Inc on Wednesday proposed that removing Chief Executive Officer Mark Zuckerberg as chairman, stating that he had"mishandled" several controversies involving the social media network.
According to Reuters, the proposal was tabled in June by hedge fund Trillium Asset Management. State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer co-filed the proposal.
The proposal will be voted on at the annual shareholders' meet, set to be held in May 2019 and asks the board to create an independent board chair to improve oversight, a common practice at other companies.
The proposal reportedly claimed that controversies that have hurt the reputation of the world's largest social media network, including the unauthorized sharing of user information, Cambridge Analytics data leak, the proliferation of fake news, and Russian meddling in the US elections.
"Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent - that's why we're demanding independence and accountability in the company's boardroom", New York City Comptroller Scott Stringer said in a statement.
"An independent board chair is essential to moving Facebook forward from this mess, and to re-establish trust with Americans and investors alike," he added.