The little guy has spoken
Independent Facebook investors voted overwhelmingly in support of proposals last week to fire Mark Zuckerberg as chairman and scrap the firm's share structure.
According to the results of votes at Facebook's annual shareholder meeting, 68% of outside investors want the company to hire an independent chairman. The majority was up from 51% last year.
83.2% of outside shareholders also backed a proposal to scrap Facebook's dual-class share structure. Currently, class A shareholders have one vote for each share, while class B shareholders get 10 votes a share. Management and directors control class B shares.
In fact, Zuckerberg happens to own more than 75% of class B stock, meaning he has roughly 60% of the voting power at Facebook.
He and colleagues voted down the independent chairman proposal and the dual-class share plans, meaning they were crushed despite the uprising from outside investors.