By Levi Sumagaysay
Facebook parent Meta Platforms Inc. on Wednesday announced that the company handily defeated all shareholder proposals, an unsurprising result because it is majority controlled by founder and Chief Executive Mark Zuckerberg.
Among shareholder resolutions that received the most votes —- at least 20% —- according to the announcement at Meta’s annual general meeting: a proposal for a report on the company’s use of concealment clauses in employment agreements; a report on community-standards enforcement; an assessment of the company’s human-rights impact, which managed the highest number of “for” votes at 25%; and a report on the company’s lobbying.
By contrast, the company proposals to approve the election of board directors and the executive-compensation program received 92% and 85% of votes, respectively. Proxy-advisory firm Institutional Shareholder Services had urged shareholders to vote against the company’s executive compensation, saying among other things that the company’s incentive programs lack disclosed objective metrics and quantified goals.
A shareholder proposal calling for an examination of the potential human- and civil-rights harms of the company’s much-touted metaverse received just 3% of “yes” votes, according to Meta.
Meta must file final vote tallies with the Securities and Exchange Commission within four days.
See: Investors in Facebook, Amazon and other tech companies are asked to let workers speak up about harassment, discrimination
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And: Investors want change, but founders like Mark Zuckerberg hold them off