Facebook has become a poster child for unaccountable corporate leadership. The company has faced worldwide investigations and billions in fines as its platform has been used to spread misinformation, undermine democracy, marginalize the voices of vulnerable communities, and empower hate groups.
Facebook’s negligence in addressing these issues threatens the future of the company and the investment of its shareholders. Facebook has failed to offer any comprehensive accounting of its scandals and the failures of leadership that led to them. With no clear sign that Facebook’s leadership is taking real action to understand these failures and make necessary changes, there has been unnecessarily high volatility in the company’s stock price and risk for long-term shareholders.
At the root of these problems is Mark Zuckerberg's concentration of power. Zuckerberg has insisted on serving as both CEO and chair, and has failed to set up adequate independent governing structures, preventing critically-needed accountability at the company. The time has come for change.
In 2018, 35% of independent investors voted against Zuckerberg as chair, including the major investment fund Vanguard. But BlackRock -- one of the biggest investment funds, and one of Facebook’s biggest shareholders -- has so far continue to support Zuckerberg.
Will you join us in calling on BlackRock to vote against Mark Zuckerberg as chair of Facebook?