Voting Structure: Facebook and Voting

voting structure: A majority of independent investors voted to dethrone Zuckerberg as the company's board chairman and overhaul a voting structure that gives Facebook execs significantly more voting power than outside investors, according to The Independent. That same voting structure, however, meant that no matter how the independent shareholders voted, Zuckerberg isn't about to step down from the Facebook board anytime soon. As Facebook continues to slog through a series of crises from the Cambridge Analytica scandal to looming antitrust investigations, shareholders signaled their displeasure with the C.E.O.'s outsized influence through a series of votes at a recent shareholder meeting. According to an analysis of U.S. Securities and Exchange Commission data by the activist shareholder organization Open MIC, 68% of outside investors voted during the May 30 meeting for Facebook to separate the board chairman role from the C.E.O., up from 51% who voted on a similar proposal last year. Under the current structure, Class A voters receive only one vote per share, while Class B voters which consist of the company's management and directors receive 10 votes per share. An even more overwhelming majority, 83%, voted to implement a one share, one vote system at Facebook, replacing the dual-class structure that's now in place. (news.financializer.com). As reported in the news.