Summary by Moomoo AI
A coalition of investors, including Illinois State Treasurer Michael Frerichs, Wespath Benefits and Investments, and Schroder International Selection Fund, has urged shareholders of Meta Platforms, Inc. to vote in favor of Proposal #7 during the company's Annual General Meeting on May 29, 2024. The proposal seeks to increase transparency by requiring Meta to disclose voting results by share class, starting with the 2025 annual meeting. This move is aimed at addressing concerns over the dual-class stock structure that grants disproportionate voting power to CEO Mark Zuckerberg, who owns virtually all Class B shares, giving him a majority of the voting power. The proponents argue that this structure is contrary to best practices in corporate governance and has led to a lack of accountability, as evidenced by various legal challenges and fines Meta has faced. They assert that disaggregating votes by share class would not be burdensome for the company and is a step towards better corporate governance and transparency.