In a proxy submitting on Thursday with the U.S. Securities and alternate fee, facebook‘s board said it’s going to ask shareholders to vote on an offer that might convert Zuckerberg’s elegance B stocks intoelegance A stocks if he is not in a leadership position.
As of June 2, Zuckerberg beneficially owned approximately four million magnificence A shares and about419 million elegance B shares, together representing about fifty three.eight percent of general first rateballoting electricity and 14.8 percent of general exceptional financial hobbies.
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The proposed circulate – to be voted on at facebook‘s annual wellknown meeting on June 20 – is designed to ensure a destiny fb chief‘s control powers aren’t restrained, the board said.
“those new phrases thus make certain that we will no longer remain a founder-controlled business enterprise after we quit to be a founder-led organization,” the board said in the submitting. (bit.ly/1Y5tYkP)
underneath modern-day provisions, Zuckerberg is allowed to keep elegance B stocks and workoutmajority voting control even though leaves the employer. Zuckerberg would also be allowed to skip hismagnificence B stocks, and possibly his majority voting manage, to descendants after his death.