Facebook board rejects proposal to curtail power Zuckerberg

Facebook’s board of directors has rejected two proposals that would have forced CEO Mark Zuckerberg to lose power or step down. 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 made Zuckerberg lose power was also rejected. In this proposal it was suggested to do away with the special voting rights of Zuckerberg’s shares 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 that the board of directors has rejected initiatives that try to curtail the power of CEO Mark Zuckerberg. Currently, Zuckerberg has a 57.9 percent voting right percentage at the social media company.

Update, 8:35 PM: Adjustment made on share of voting right percentage.