A proposal to remove the CEO Mark Zuckerberg as chairman has been backed by several public funds that hold shares in Facebook Inc on Wednesday, saying that the social media giant mismanaged many high-profile scandals.
The proposal has been co-filed by the State treasurers from Rhode Island, Illinois, Pennsylvania and Comptroller of New York City, Scott Stringer.
When asked to comment, Facebook didn’t suddenly respond.
Comptroller Stringer said, “Facebook plays a great role in our society and our economy. They have a financial and social responsibility to be transparent — that’s why we’re demanding independence and accountability in the company’s boardroom.”
Some severe controversies such as Cambridge Analytica data leak and Russian meddling in the U.S. elections and lack of independent board has led to Facebook’s mismanagement, says the proposal.
According to a filing in April, Mark Zuckerberg has about 60% of voting power.
As of July 31, the New York City Pension Funds owned Facebook shares of about 4.5 million.
According to a spokeswoman The Pennsylvania Treasury holds 38,737 shares of the social media giant. Trillium holds 53,000 shares.