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This Is Why Facebook Shareholders Want Mark Zuckerberg To Step Down From Chairman Position

Published on 20 October, 2018 at 6:26 pm By

Trouble continues for Facebook as Mark Zuckerberg is under fresh pressure after US shareholders demanded his resignation. They have started an ongoing campaign to remove Zuckerberg from his dual role as chair and chief executive just weeks after the company was hit by the biggest data breach controversy.


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They argued that to improve the accountability and governance of Facebook, Mark must step down.

 

 

Back in June, Trillium Asset Management, which holds $11 million in Facebook shares, made efforts to divide the role of chairman and chief executive at Facebook.

Now, their efforts have received additional support from three US state treasurers and New York City Comptroller Scott Stringer.

 



 

The proposal for sudden removal came when Facebook was recently accused of misleading advertisers by inflating the viewing figures for videos on its site.

A group of US advertisers had accused the company of overstating the average viewing time of the advertising videos. 

 

Claimants have launched a lawsuit after reviewing around 80,000 pages of internal Facebook records. According to them, Facebook’s documents show that the company had never performed a full audit of its video metrics.

In defense, the Facebook spokesman said:

“This lawsuit is without merit and we’ve filed a motion to dismiss these claims of fraud. Suggestions that we in any way tried to hide this issue from our partners are false. We told our customers about the error when we discovered it and updated our help centre to explain the issue.”


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The claimants also say that Facebook knew about irregularities in its video metrics and “recklessly” failed to disclose the information for over a year.

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