fb Inc’s board has proposed removing Mark Zuckerberg’s majority vote casting control within the occasionof the social media giant‘s leader executive and founder determining to go out management sooner or later in future.
In a proxy submitting on Thursday with america Securities and change commission, facebook‘s boardsaid it will ask shareholders to vote on an offer that could convert Zuckerberg’s magnificence B sharesinto elegance A shares if he’s no longer in a management role.
As of June 2, Zuckerberg beneficially owned about 4 million magnificence A stocks and about 419 millionmagnificence B stocks, together representing approximately 53.8 percent of total incredible vote casting electricity and 14.eight percentage of overall great financial interests.
The proposed pass – to be voted on at fb‘s annual wellknown assembly on June 20 – is designed to make certain a destiny fb leader‘s control powers are not confined, the board stated.
“these new phrases therefore make sure that we are able to now not remain a founder-controlledemployer after we give up to be a founder-led employer,” the board stated in the filing.
beneath cutting-edge provisions, Zuckerberg is allowed to preserve class B shares and exercisingmajority voting manipulate even supposing leaves the company. Zuckerberg might also be allowed tobypass his magnificence B shares, and likely his majority voting manipulate, to descendants after hisloss of life.
© Thomson Reuters 2016
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Tags: fb, Mark Zuckerberg, Social
