Facebook board rejects proposal to curtail Zuckerberg’s power

Facebook’s board of directors has rejected two proposals that would have forced CEO Mark Zuckerberg to lose power or resign. That writes the American news agency Bloomberg.

According to Bloomberg, at its annual meeting, the board of directors rejected a proposal to replace Zuckerberg with an independent third party. A second proposal that would have forced Zuckerberg to lose power was also rejected. This proposal suggested ending the special voting rights of Zuckerberg’s stock in the company. This would give him less voting rights. According to Bloomberg, the initiators of the second proposal wanted to give each investor one vote per share at Facebook.

According to Bloomberg, it is not the first time the board has rejected initiatives that try to limit the power of CEO Mark Zuckerberg. Currently, Zuckerberg has a 57.9 percent voting rights percentage at the social media company.

Update, 20:35: Adjusted on share of voting rights percentage. Thanks to jdh009 and DrVic.