CEO Mark Zuckerberg will face lawmakers for the first time this week to offer testimony about Facebook's data privacy practices. But for some investors — and quite possibly, for the lawmakers Zuckerberg will face when he heads to Capitol Hill for the first time this week to offer testimony about Facebook's data privacy practices — that governance question is a complex one worth exploring more deeply. Scott Stringer, New York City's comptroller and custodian of the city's $193 billion pension fund, which holds $895 million in Facebook stock, wrote a letter March 27 pushing Facebook to add three new independent directors and replace Zuckerberg with an independent chairman, among other things. Minow predicted it was much more likely Facebook's board would answer the call for more independent directors than it would be to demote Zuckerberg. The company has a lead independent director — Gates Foundation CEO Susan Desmond-Hellmann — and research is mixed on whether splitting the chairman and CEO truly has a real impact.

Source: Washington Post April 09, 2018 11:37 UTC