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Meta institutional investors urge opposing re-election of two board members -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A woman holds a smartphone bearing the Meta logo, in front of an illustration showing Facebook’s newly rebranded logo Meta. This picture was taken on October 28, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters] – Meta Platforms Inc shareholders were urged by a group of institutional investors to oppose the re-elections of Marc Andreessen, and Peggy Alford as board members.

Shareholder Association for Research and Education, SHARE filed that they believe Marc L. Andreessen and Peggy Alford lack the independence necessary to properly oversee management teams and protect shareholders’ interests.

According to the filing, 15 shareholders including SHARE, Illinois State Treasurer, and Arjuna capital argued for the appointment of independent, qualified directors.

Peggy Alford is an executive at PayPal Holdings Inc (NASDAQ) joined Meta’s board in 2019. Venture capitalist Marc Andreessen served as the company’s board member since June 2008.

They also requested that the board implement governance reforms such as eliminating the dual class structure and separate the duties of the chief executive officer from the chairman. SHARE stated that Meta’s board had not responded to the shareholders and refused to address these issues.

Meta is due to host its annual meeting May 25th, but they declined to comment.

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