Facebook's shareholder revolt was supposed to trigger a period of "deep soul search" for the company.
That is, according to the tiny activist investor who led the indictment in the war against Mark Zuckerberg's tremendous power over Facebook, the company he founded in 2004.
At Facebook's Annual Stockholders' Meeting last month, Trillium Asset Management put forward a proposal to sideline Zuckerberg as chairman and replace him with an independent executive. Trillium controls Facebook shares worth about $ 9 million.
The proposal was endorsed by 68% of independent investors (of 51% who voted in favor of a nearly identical proposal in 201
Senior independent director Susan Desmond-Hellmann was also less well-supported than usual, according to Trillium. It was re-elected by 67% of external investors, compared to 76% last year.
Jonas Kron, Trillium's Senior Vice President, told Business Insider that the voices "clearly expressed the deep concern of mainstream investors," which should trigger a phase of "intense search for the Facebook board."
He urged new board members – Jeff Zients, the CEO of investment firm Cranemere, and former American Express CEO Kenneth Chenault – to pay particular attention to investor riots.
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"These are highly respected, well-qualified, savvy individuals who are able to see the voices and speak out as independent lawyers," said Kron.
Facebook has kept silence on this topic over the last two weeks and has not responded to Business Insider's request for comment.
Earlier this week, a spokesperson referred us to the company's proxy statement stating that hiring a chairman over Zuckerberg could cause more problems than solving.
"We do not believe that requiring the chair to be independent will result in much better alignment and performance, and instead could lead to inefficiencies in the role and relationships of the board and the management," said Facebook in the submission.
Meanwhile, in private correspondence with excited shareholders, Facebook has pointed to governance changes made last year when it built the power of its Audit Committee chaired by Zients and gave it the opportunity to provide services and privacy the company's review and cybersecurity.
Kron said that investors intended to capitalize on their momentum and intended to push the issue further. New York comptroller Scott Stringer, who has $ 785 million worth of Facebook stock, went public this week, calling on Facebook to conduct an independent review of its governance structure. Next year is expected to present another proposal for the deletion of Zuckerberg AGM.
"We do not take breaks here," Kron said. "Power concentration is so misguided, it does not matter who the person is, it inevitably leads to bad decisions."