Facebook intends to strip Mark Zuckerberg of his voting rights

The board of directors of the world's largest social network Facebook Inc has proposed that in the event of leaving the company, founder and leader Mark Zuckerberg will convert his shares into non-voting shares - company documents say this.

As of June 2, Zuckerberg owned approximately 4 million Class A shares and approximately 419 million Class B shares. This represents a total of approximately 53.8% of the total voting shares. Under the company's bylaws and regulations, if Zuckerberg were to leave Facebook, he would remain a shareholder and retain voting rights. In the event of Zuckerberg's death, these shares would be passed to his heirs.

The board of directors proposed eliminating the rules for passing on voting rights in the event of a company founder's departure.

“The new conditions will ensure that we will not be able to be a founder-controlled company,” — the announcement further explains. The vote on this proposal will take place at the annual shareholders' meeting on June 20.

According to Sputniknews