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.
Zuckerberg owns a lot of class B stock, giving him the controlling stake — 60 percent — of the voting power, Business Insider reported. – READ MORE
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