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A similar shareholder proposal seeking an independent chair was defeated in 2017 at Facebook, where Zuckerberg’s majority control makes outsider resolutions effectively symbolic. Rhode Island State Treasurer Seth Magaziner said that the latest proposal was still worth filing as a way of drawing attention to Facebook’s problems and how to solve them. “This will allow us to force a conversation at the annual meeting, and from now until then in the court of public opinion,” Magaziner said in a telephone interview.
A Facebook spokeswoman declined to comment, At least three of the four public funds supported the 2017 resolution as well, The current proposal, meant for Facebook’s annual shareholder meeting in May 2019, asks the board to create an silver cufflinks amazon independent board chair to improve oversight, a common practice at other companies, It cites controversies that have hurt the reputation of the world’s largest social media network, including the unauthorized sharing of user information, the proliferation of fake news, and foreign meddling in U.S, elections..
Illinois State Treasurer Michael Frerichs said in an interview that, while an independent chair might not have prevented all the issues, “there might have been fewer of these problems and less of a drop in share price” at the company. Shares of Facebook have had a rocky year, under pressure from revelations about the privacy and operational issues as well as concerns over slowing revenue growth. They closed Wednesday at $159.42, 10 percent lower than at the start of the year and well off a closing high of $217.50 reached on July 25.
The 2017 resolution received the support of a slim majority of outside investors, according to the public fund leaders’ calculations, Magaziner and Frerichs said they planned to talk with larger Facebook investors in silver cufflinks amazon coming months to seek their support, Among funds that are Facebook’s largest investors, the Vanguard Total Stock Market Index Fund and Fidelity Contrafund voted against the 2017 proposal, securities filings show, while the American Funds Growth Fund of America supported it..
American Funds representatives did not reply to requests for comment on Wednesday. Spokespeople for Fidelity and Vanguard declined to comment. Contrafund manager Will Danoff was supportive of Facebook’s response to problems in an investor note in August. In opposing the 2017 proposal, Facebook said an independent chair could “cause uncertainty, confusion, and inefficiency in board and management function and relations.”. Zuckerberg has about 60 percent voting rights, according to a company filing in April.
(Reuters) - Constellation Brands Inc’s (STZ.N) Rob Sands is stepping down as CEO, ending an era in which the family-backed alcohol producer became one silver cufflinks amazon of the biggest beer brewers in the United States and placed a multi-billion dollar bet on the cannabis industry, Constellation, the maker of Corona beer and Svedka vodka, said Bill Newlands, an industry veteran and Constellation’s current president, will succeed Sands as CEO, Newlands will become the first person outside the Sands family to take the role..
Sands, 60, will become executive chairman in March, replacing his brother Richard. Sands, who became CEO in 2007, led Constellation through some of its most transformative years, during which it bought the U.S. rights to sell Mexican-made Corona beer and saw its shares multiply almost tenfold. The Victor, New York-based company, one of the first major alcohol companies to invest in the marijuana industry, made a further $4 billion bet on Canadian cannabis producer Canopy Growth Inc (WEED.TO) in August this year.
As chairman, Sands will focus on Constellation’s investment in Canopy Growth, he told the Wall Street Journal, The investment came two months before Canada became the first industrialized nation to legalize recreational cannabis, a burgeoning industry that many say has potential for massive growth, Wall Street analysts were silver cufflinks amazon largely unsurprised by Sands’ move, Consumer Edge’s Brett Cooper said the move was in line with Constellation’s broader strategy of being controlled by the Sands family and managed by outsiders, a plan also adopted by other alcohol producers including Jack Daniels whiskey maker Brown-Forman (BFb.N)..