I always thought it was weird that it was possible for someone to be both an executive at a company and have a seat on the board. I know this is a common thing in the tech industry, it just seems weird to me. In theory the board exists to provide oversight of the executives on behalf of the shareholders, so having the CEO on the board is a natural conflict of interest.
And so it begins. The Facebook backlash finally reaches the shareholders. Grab some popcorn, the next few quarters are going to be decidedly interesting for anyone long on FB.
Clickbait title. From the WSJ article covering the same story:<p><i>The announcement has no practical effect on Mr. Zuckerberg and his position as both CEO and chairman because he has a lock on the bulk of Facebook’s supervoting shares, each of which gives him 10 times the votes of average shareholders. According to Facebook’s latest proxy, his share of the voting power among Facebook investors was 59.9%.</i><p><a href="https://www.wsj.com/articles/funds-back-proposal-to-remove-zuckerberg-as-facebook-chairman-1539789440" rel="nofollow">https://www.wsj.com/articles/funds-back-proposal-to-remove-z...</a>