Facebookâ€™s board has proposed removing Mark
Zuckerbergâ€™s majority voting control if the
social media giantâ€™s chief executive and founder
decides to exit management at some point in future.
In a proxy filing on Thursday with the US Securities and Exchange Commission, Facebookâ€™s board said it will ask shareholders to vote on a proposal that would convert Zuckerbergâ€™s Class B shares into Class A shares if he is no longer in a leadership position.
As of June 2, Zuckerberg beneficially owned about 4 million Class A shares and about 419 million Class B shares. This collectively represented about 53.8 per cent of total outstanding voting power and 14.8 per cent of total outstanding economic interests.