ANNUAL MEETING: Justifying Mark Zuckerberg’s Control Over Majority Of Facebook Voting Shares

By David Cohen 

MarkZuckerbergTechCrunchDisrupt650If Facebook Co-Founder and CEO Mark Zuckerberg controls more than 50 percent of voting shares in the company, what’s the point of voting on corporate governance? Vice President and General Counsel Colin Stretch answered that question at the Facebook 2014 annual meeting Thursday at the Sofitel San Francisco Bay in Redwood City, Calif.

In response to a question from the audience, Stretch said:

So as everyone knows, Mark is our founder and our CEO, and it’s been his vision and leadership that has guided the company so far and been a substantial contributor to the company’s success. We believe that this voting structure enables the company to focus on the long term, which will continue to be a contributing factor in the company’s success.

With respect to stockholder voting, it’s an important part of the American corporate structure, and we intent to honor it here. And we’re delighted that so many people came to share their views with us.

Readers: What did you think of Stretch’s answer?

Photos by Courtney Rundles.