Why major shareholders want to remove Mark Zukerberg as the Chairman of Facebook.

Several public funds that hold shares in Facebook Inc backed a proposal to remove Founder Mark Zuckerberg from the position of chairman of the board after countless scandals and dropping stock price. 

Currently, Zuckerberg holds absolute control of the board which give him control over 60% of Facebook’s voting shares. 

The proposal was first issued by Trillium Asset Management in June.

Some of the recent scandals with facebook- 

  • Russia interfering in the U.S. elections on Facebook.
  • 87 million users personal data shared that later found its way to Cambridge Analytica.
  • The platform’s role in fanning violence against the minority Muslim population in Myanmar.
  • The spreading of fake news on Facebook.
  • The propagation of posts on its platform that fueled violence in Myanmar, India, and South Sudan.
  • The platform giving advertisers the ability to exclude African-American, Latinx and other ethnic affinities from seeing  Advertisements.