ANNUAL MEETING: All Votes Go Facebook’s Way

By David Cohen 

SweepingIntoDustpan650It was a clean sweep in favor of Facebook when the votes were tallied at its 2014 annual meeting Thursday at the Sofitel San Francisco Bay in Redwood City, Calif., as shareholders followed the company’s recommendations on every measure that was voted upon.

Facebook’s current board of directors was re-elected to continue serving through the 2015 annual meeting: Marc Andreessen, Erskine Bowles, Susan Desmond-Hellmann, Donald Graham, Reed Hastings, Chief Operating Officer Sheryl Sandberg, Peter Thiel, and Co-Founder and CEO Mark Zuckerberg.

The appointment of Ernst & Young as Facebook’s independent registered public accounting firm for the fiscal year ending Dec. 31 was ratified.

And the following stockholder proposals were rejected:

  • Altering stockholder voting so that all shares of outstanding stock will be limited to one vote per share.
  • Full disclosure of Facebook’s lobbying efforts.
  • Facebook’s board of directors should create and implement a policy of corporate values regarding electioneering contribution decisions by the company and fbPAC and report to shareholders on contributions that fall outside that policy.
  • The board of directors should issue a report and risk evaluation on whether Facebook’s advertising and privacy policies are sufficient to protect the company’s finances and operations from public concerns about childhood obesity and public and private initiatives to eliminate or restrict food marketing to youth.
  • Facebook should issue an annual sustainability report describing the company’s short- and long-term responses to environmental, social, and governance issues by October.

Readers: Any surprises here?