All Votes Went Facebook’s Way at Its 2017 Annual Meeting

None of the five stockholder proposals received a majority vote

Facebook held its 2017 annual meeting Thursday at the Pullman San Francisco Bay in Redwood City, Calif., and the company’s shareholders voted Facebook’s way on all seven proposals on the ballot.

The social network’s board of directors—Marc Andreessen, Erskine Bowles, Susan Desmond-Hellmann, Reed Hastings, WhatsApp co-founder Jan Koum, chief operating officer Sheryl Sandberg, Peter Thiel and co-founder and CEO Mark Zuckerberg—was re-elected to serve until the company’s next annual meeting, barring death, resignation or removal.

Ernst & Young was ratified to serve as Facebook’s independent registered public accounting firm for the year ending Dec. 31, 2017.

And five stockholder proposals all failed to achieve a majority vote:

  • A proposal to change the company’s shareholder voting structure in order to reduce Zuckerberg’s influence, as he owns 14 percent of Facebook’s outstanding shares but controls 53 percent of its voting power due to class-B shares having 10 times the voting power of class-A shares.
  • A proposal that Facebook should fully disclose its spending on political lobbying.
  • A proposal that Facebook should publish a report on public policy issues associated with managing fake news and associated hate speech, including the impact on the democratic process, free speech and the cohesive society.
  • A proposal that Facebook should publish a report on gender pay equity.
  • A proposal that Facebook should nominate an independent board chair, also aimed at checking Zuckerberg’s power over the company.

Facebook said the final results of the voting will be made available in a Form 8-K to be filed with the Securities and Exchange Commission within four business days.

Image courtesy of JasonDoiy/iStock.

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