Now Facebook shareholders slam Zuckerberg over voting shares
San Francisco, June 1: After facing the flak from different quarters including governments around the world over the Cambridge Analytica data leak scandal, Facebook CEO Mark Zuckerberg has now faced angry shareholders for unequal voting shares, the media reported.
At the company's annual meeting on Thursday, activist investors had forced votes on six proposals to change the company's governance or institute other reforms, the Guardian reported.
But thanks to the company's unequal voting structure, Zuckerberg and his board of directors escaped the election unscathed.
The event, however, provided a platform for crticising the leadership of Zuckerberg and his board of directors.
One of the attendees in the meeting, Christine Jantz of Northstar Asset Management,
Advertisement talked in favour of a proposal to reform Facebook's stockholder voting structure.
Under the company's current structure, Zuckerberg controls the majority of voting shares despite not owning a majority of the company.
This is because his shares have 10 times the voting power of the shares available to regular investors.
Problems like the Cambridge Analytica scandal were the results of that structure, according to Jantz.
He called it an "egregious example of when a board is formed by a CEO to meet his needs" rather than those of investors.
James McRitchie, a shareholder activist, termed the current voting structure a "corporate dictatorship".
"Mr Zuckerberg, take a page from history," he was quoted as saying.
"Emulate George Washington, not Vladimir Putin," he added.
The meeting also discussed the company's various initiatives to increase advertising transparency, improve content moderation, and prevent interference in elections, the report said.
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NATO, others turn down US call for help in Hormuz: Trump
Washington (PTI): President Donald Trump on Tuesday said NATO and most of US' other allies have rejected his calls to help secure the Strait of Hormuz as the war with Iran entered the third week.
In a social media post, Trump asserted that Iran’s military has been “decimated” and he no longer felt the need for assistance from NATO countries or anyone else.
Last week, Trump had sought help from European nations and others who depend on oil supplies transiting from the Hormuz Strait to safeguard the critical waterway.
“The United States has been informed by most of our NATO “Allies” that they don’t want to get involved with our Military Operation against the Terrorist Regime of Iran, in the Middle East, this, despite the fact that almost every Country strongly agreed with what we are doing, and that Iran cannot, in any way, shape, or form, be allowed to have a Nuclear Weapon,” the US President said in a post on Truth Social.
Iran's attacks on Gulf nations and its grip on the Strait of Hormuz, through which a fifth of the world's oil is transported, have sparked increasing concerns of a global energy crisis and are unnerving the world economy.
“I am not surprised by their action, however, because I always considered NATO, where we spend Hundreds of Billions of Dollars per year protecting these same Countries, to be a one-way street — We will protect them, but they will do nothing for us, in particular, in a time of need,” Trump said.
He said Australia, Japan and South Korea too have turned down his call for help.
“Fortunately, we have decimated Iran’s Military – Their Navy is gone, their Air Force is gone, their Anti-Aircraft and Radar is gone and perhaps, most importantly, their Leaders, at virtually every level, are gone, never to threaten us, our Middle Eastern Allies, or the World, again,” Trump said.
He said that given the scale of recent military successes, the US no longer "need" or desires assistance from NATO countries, adding that it never relied on such support in the first place.
Speaking as President of the United States, the "most powerful" country in the world, "we do not need" help from anyone, Trump said.
The West Asia conflict began on February 28 when the US-Israeli combine conducted airstrikes on Iran.
The Strait of Hormuz, the narrow waterway that connects the Persian Gulf to the open ocean, has effectively been shut following the US and Israel attack on Iran and Tehran's sweeping retaliation.
However, Iranian Foreign Minister Abbas Araghchi had said that from Tehran's "perspective", the strait is "open". "It is only closed to Iran's enemies, to those who carried out unjust aggression against our country and to their allies.”
Earlier in the day, a second Indian-flagged LPG tanker, Nanda Devi, reached the country after safely sailing from the war-hit Strait of Hormuz. On Monday, the first ship, Shivalik, reached Mundra port in Gujarat.
As of now, 22 Indian vessels remain on the west side and two on the east side of the strait.
Indian authorities are in constant touch with all the relevant stakeholders in the region to secure the safe passage of the remaining ships, officials said.
