Support for collapsing Meta’s dual class structure continues to grow
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A proposal asking Meta Platforms to make all stock one share one vote won increased support at the social media giant’s May 25 annual meeting.
The recapitalization proposal has been on the ballot at Meta since 2014, incrementally gaining more support each year. It won 28.1% support at the 2022 annual meeting.
Similar proposals won 27.1% and 27.7% support at Meta’s 2020 and 2021 annual meetings, respectively.
Founder Mark Zuckerberg owns approximately 16.8% of outstanding shares, making it all the more challenging for shareholder proposals to win majority support.
A proposal filed by The United Church Funds asking Meta to issue a report on its lobbying payments and policies, won 20.6% of voters’ support.
Meta had been facing pressure over strengthening its human and digital rights policies. Proposals seeking enhanced reporting on these issues won 19.2% and 17.3% support, respectively.
U.K. fund manager Schroders predeclared its support for these proposals, arguing that there is “increasing recognition of the role that businesses can and should play to respect human rights.”
Whistle Stop Capital’s proposed report into the use of concealment clauses in employee contracts garnered 19% support, while a proposal seeking the implementation of a policy requiring the board chair to be independent gained 16.7% support, compared to 16.1% one year prior.
Facebook’s “say on pay” proposal won 85.6% support.
While Meta’s share price plummeted in value at the beginning of last week, it has quickly recovered, rising by 9% in the past six days. Currently trading at $195.22 per share as of Friday’s close.