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Social network’s -Shareholder issues6th June 2019
Facebook CEO Mark Zuckerberg has received an overwhelmingly negative vote from its shareholders in response to questions arising about his chairmanship, policies and the general route in which the company has progressed. In this situation, any other chairman would have had to leave the respective company’s board, but not him.
The reason for this is the strategically arranged two-class shares issued by Facebook. The Class-B shares, held by Mark Zuckerberg and Facebook inside the circle of board members, have a weight of 10 voting shares each. In comparison, the Class-A shares issued to the public and to Facebook’s majority shareholders, all count as one voting share. In essence, Zuckerberg has absolute power and authority over Facebook, and even when strongly voted against, he can simply pull in his weight and dismiss anything that displeases him.