A group representing some of Meta Platforms Inc's institutional investors urged shareholders of the Facebook owner to vote against the re-election of two of its board members, Marc Andreessen and Peggy Alford.
Woman holds smartphone with Meta logo in front of a displayed Facebook's new rebrand logo Meta in this illustration picture taken October 28, 2021. REUTERS/Dado Ruvic/Illustrationinstitutional investors urged shareholders of the Facebook owner to vote against the re-election of two of its board members, Marc Andreessen and Peggy Alford.
"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 in aThe group of 15 shareholders, including SHARE, the Illinois State Treasurer and Arjuna Capital, instead urged the nomination of new, highly-qualified independent directors, according to the filing.
The shareholders also urged the board to implement certain governance reforms, including eliminating the dual-class structure and separating the functions of chief executive officer and chairman. SHARE added that Meta's board did not respond to discuss these matters.Register now for FREE unlimited access to Reuters.comThe Thomson Reuters Trust Principles.Sign up to our tech newsletter to get the latest news and trends in the global technology industry.
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