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Friday, October 19, 2018

NYC, states push Mark Zuckerberg to give up Facebook chairmanship

New York City joined Facebook investors, including three state governments, in pushing founder Mark Zuckerberg to give up the role of chairman after a string of security breaches and misuse of the platform by foreign agents during U.S. elections.

“Facebook plays an outsize role in our society and our economy" and has a social and financial responsibility to be more transparent, said New York City Comptroller Scott Stringer, whose job includes serving as the adviser for the fourth-largest pension fund system in the country, with assets of $197 billion. "An independent board chair is essential to moving Facebook forward from this mess."

State treasurers from Illinois, Rhode Island, and Pennsylvania are also backing the measure, originally filed by Trillium Asset Management in June, which calls for a vote at the Menlo Park, Calif.-based company's next general meeting.


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