A Facebook shareholder is demanding the company restructure the way it runs, calling the current system “akin to a dictatorship.”
California State Teachers’ Retirement System’s (CalSTRS) Aeisha Mastagni, a portfolio manager at CalSTRS, published an opinion piece in the Financial Times Thursday.
The piece criticized Facebook’s “dual-class” structure — wherein class A shareholders get a one vote per one share while class B shareholders have 10 votes per share.
Playing off George Orwell’s literary classic, “Animal Farm,” Mastagni says that “everyone is equal but some are more equal than others” under the dual-class structure.
“The capital structure has changed and it is time for its governance to catch up,” Mastagni wrote, calling out Facebook CEO Mark Zuckerberg’s role in the company.