Here's Why Meta Investors Remain Divided Over Board Member Election

  • A group of shareholders urged Facebook parent Meta Platforms Inc FB shareholders to vote against the re-election of two board members, Marc Andreessen and Peggy Alford.
  • PayPal Holdings Inc's PYPL Peggy Alford joined the Facebook parent's board in 2019, whereas venture capitalist Marc Andreessen has served on the company's board since June 2008, Reuters reports.
  • "We believe the lack of independence of board members Peggy Alford and Marc L. Andreessen is undermining the board's ability to adequately oversee the management team and represent shareholders' best interests," said Shareholder Association for Research and Education.
  • The group instead urged the nomination of new, highly-qualified independent directors.
  • The shareholders also urged the board to implement specific governance reforms, including eliminating the dual-class structure and separating the functions of the CEO and Chair. 
  • The 15 shareholders included SHARE, the Illinois State Treasurer, and Arjuna Capital.
  • Price Action: FB shares traded higher by 0.18% at $211.84 in the premarket on the last check Tuesday.
  • Photo by JD Lasica via Wikimedia

Posted In: BriefsNewsTechMedia

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