Facebook Inc's board has proposed expelling Mark Zuckerberg's larger part voting control in case of the online networking monster's CEO and organizer choosing to leave administration sooner or later in future.
In a proxy filing with the U.S. Securities and Exchange Commission, Facebook's board said it would ask shareholders to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he is no longer in a leadership position. The move was first proposed in late April in a regulatory filing.
As of June 2, Zuckerberg gainfully possessed around 4 million Class A shares and around 419 million Class B offers, on the whole speaking to around 53.8 percent of aggregate exceptional voting power and 14.8 percent of aggregate remarkable monetary interests.
The proposed move, to be voted on at Facebook's annual general meeting on June 20, is designed to make sure a future Facebook chief's management powers aren't limited, the board said.
"These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," the board said in the filing on Thursday.
Under current procurements, Zuckerberg is permitted to hold Class B shares and practice greater part voting control regardless of the possibility that he leaves the organization. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.
Read More...
As of June 2, Zuckerberg gainfully possessed around 4 million Class A shares and around 419 million Class B offers, on the whole speaking to around 53.8 percent of aggregate exceptional voting power and 14.8 percent of aggregate remarkable monetary interests.
The proposed move, to be voted on at Facebook's annual general meeting on June 20, is designed to make sure a future Facebook chief's management powers aren't limited, the board said.
"These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," the board said in the filing on Thursday.
Under current procurements, Zuckerberg is permitted to hold Class B shares and practice greater part voting control regardless of the possibility that he leaves the organization. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.
