Facebook shareholders OK stock shift that keeps Zuckerberg in charge

During the question and answer section of the meeting, a shareholder asked if Zuckerberg plans to actively run Facebook even though he has an entire charity to help run and 99 percent of his wealth to give away as well. At the company’s annual shareholder meeting today, Facebook’s founder and CEO said he expects to stay involved in the company’s operations for the foreseeable future.

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Following these votes, Zuckerberg and other Facebook executives laid out some of the company’s goals over the next few years.

Along with re-electing Thiel, Zuckerberg approved all proposals submitted by his company while rejecting those by outside shareholders, which include proposals that would have forced the company to offer more transparency when it comes to the matters of sustainability practices, lobbying local governments, equal pay for female employees and more voting power for shareholders outside the company.

Mark Zuckerberg isn’t going anywhere.

Facebook CEO and majority shareholder Mark Zuckerberg on Monday voted to retain each of his company’s eight board members, including famed investor Peter Thiel, who has recently become a source of controversy in Silicon Valley.

The Class C shares will be publicly traded under a new symbol.

Facebook also said it’s keeping a close eye on terrorism, which isn’t allowed on the service. “If Zuckerberg did not have control over the reins of Facebook, it’s hard for me to imagine as a personal investor” what might happen.

The new stock structure is meant to keep Zuckerberg in a leadership role in the company.

But some shareholders were against the move.

In a shareholders meeting on Monday, all members of Facebook’s board were reelected to their positions.

Facebook announced the plan to create the new class of non-voting shares on April 27. “We’re not planning on combining them”, Zuckerberg said, adding that they serve different purposes and many people use both.

Facebook COO Sheryl Sandberg had said at Recode’s Code Conference in May that Thiel’s funding of Hulk Hogan’s lawsuit against Gawker was “what he did on his own”.

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Other proposals brought forth by shareholders, including those that called for Facebook to be more transparent about how much money it spends on lobbying and on employee compensation across genders, were not approved.

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