Several public funds with holdings in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman.
The proposal, originally bought to the table by hedge fund Trillium Asset Management, is now backed by state treasurers from Illinois, Rhode Island and Pennsylvania. New York City Comptroller Scott Stringer also joined the shareholder proposal.
The proposal is asking Facebook’s board to make the role of board chair an independent position.
Reporting by Arjun Panchadar in Bengaluru; Editing by Bernard Orr