Investors who control $3 billion in the Facebook stock “are trying to topple Mark Zuckerberg as chairman and tear up the company’s governance structure,” Business Insider reported on Wednesday. 27 June.
Each of the six shareholders of the social network, recently interviewed by Business Insider journalists, showed discontent with the methods of management of the company that in their opinion has reached a peak since 2012, when Facebook floated its stock.
Over the past few months, the company has been dragged into a series of scandals, the loudest of which is associated with Cambridge Analytica election meddling and the leakage of personal data of 87 million social network users. Shareholders are frustrated with the way the company handles scandals, and the problem, according to investors, is the fundamentally wrong governance structure of the company – now Zuckerberg is de facto untouchable.
“We have concerns about the structure of the board that the company doesn’t seem ready to address, which can lead to risks — reputational, regulatory, and otherwise,” New York City’s comptroller, Scott Stringer, who oversees about $895 million worth of Facebook shares through city pension funds, told Business Insider.