In this file photo, the logo of Meta, the parent company of Facebook and Instagram, can be seen on a laptop screen Photograph:( AFP )
Meta investors have shed light on why is it essential to eliminate the dual-class structure and separate the functions of the chief executive officer and chairman
Institutional investors in Meta, the parent company of Facebook and Instagram, have highlighted how the board members lack independence.
They have shed light on why is it essential to eliminate the dual-class structure and separate the functions of the chief executive officer and chairman.
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These investors include the Illinois State Treasurer, Arjuna Capital, Shareholder Association for Research and Education (SHARE), and 15 others.
According to Shareholder Association for Research and Education (SHARE), “We believe the lack of independence of board members Peggy Alford and Marc L. Andreessen is undermining the board’s ability to adequately oversee the management team and represent shareholders’ best interests.”
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They have requested the shareholders of the Facebook owner to vote against the re-election of two of its board members. As per a filing, they want the nomination of a new, highly-qualified independent director.
“We continuously consider new product innovations for people, businesses, and creators,” a Meta spokesperson said in response of statement made by the board members.
“As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”
Also read | Meta planning ‘Zuck Bucks’ digital currency as crypto dream fails
Venture capitalist Marc Andreessen joined Meta’s board members in June 2008. Meanwhile, Peggy Alford became its part in 2019. He was earlier an executive at PayPal Holdings Inc.
Previously, founder and chief Mark Zuckerberg had said that Meta will hold its annual meeting on May 25.
The American multinational technology conglomerate Meta is looking to diversify its revenue after facing criticism from whistleblower Frances Haugen said it invades the privacy of users.
In an interview last September with The Wall Street Journal, she claimed that the company gives preferential treatment to profits rather than human welfare and improvement of the society as a whole.
(With inputs from agencies)
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