This is why Mark Zuckerberg might be removed as chairman of Facebook

Several shareholders in Facebook Inc. this week backed a proposal to remove the company’s chief executive officer, Mark Zuckerberg, as chairman saying the social media giant mishandled several high-profile scandals.

According to a report by NBC, state treasurers from Illinois, Rhode Island and Pennsylvania, along with New York City Comptroller Scott Stringer, co-filed the proposal. They joined hedge fund Trillium Asset Management, which presented it in June.

The proposal, set to be voted on at the company’s annual shareholder meeting in May 2019, is asking Facebook’s board to make the role of board chair an independent position.

“Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent, that’s why we’re demanding independence and accountability in the company’s boardroom,” Stringer said.

The proposal said lack of independent board chair and oversight has contributed to Facebook “mishandling” a number of severe controversies, including Russian meddling in U.S. elections and the Cambridge Analytica data leak.

Zuckerberg has about 60 per cent voting power, according to a filing in April. Previous efforts to remove Zuckerberg as chairman have failed. The New York City Pension Funds owned about 4.5 million Facebook shares as of 31 July.

The Pennsylvania Treasury holds 38,737 shares of the company, according to a spokeswoman. Trillium holds 53,000 shares.