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Meta Institutional Investors Advocate Against Two Board Members' Re-election

Charlie Brooks

Apr 19, 2022 09:55

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"We think that Peggy Alford's and Marc L. Andreessen's lack of independence jeopardizes the board's capacity to appropriately monitor the management team and represent shareholders' best interests," SHARE said in a filing.


According to the statement, the group of 15 shareholders, which includes SHARE, the Illinois State Treasurer, and Arjuna Capital, called instead for the appointment of new, highly qualified independent directors.


Peggy Alford, a PayPal Holdings Inc (NASDAQ:PYPL) executive, joined Meta's board of directors in 2019, while Marc Andreessen, a venture investor, has sat on the board since June 2008.


Additionally, the shareholders requested the board to enact specific governance improvements, including the elimination of the dual-class structure and the separation of the chief executive officer and chairman duties. SHARE noted that Meta's board of directors has not responded to requests for comment on these topics.


Meta, whose annual meeting is planned on May 25, refused to comment.