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At Facebook’s Shareholder Meeting, a Challenge to Zuckerberg’s Power is Already Doomed

Investors are making several proposals to shake up the company, including limiting the CEO’s voting rights

Mark Zuckerberg

Mark Zuckerberg

Photographer: Marlene Awaad/Bloomberg
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For the fifth straight year, Julie Goodridge has submitted a proposal to Facebook Inc.’s board of directors for a shareholder vote at the company’s annual meeting. Her suggestion: Change the company’s dual-class voting structure — under which Chief Executive Officer Mark Zuckerberg has voting rights that give him absolute control despite owning a minority of the company’s shares.

Goodridge, the CEO of NorthStar Asset Management in Boston, wants to eliminate a special class of shares owned by early investors that carry 10 times as many votes as the shares you can buy on the stock market. Each share, she says, should carry the same numbers of votes.