Marc Andreessen and Peggy Alford’s “lack of independence … is undermining the board’s ability to adequately oversee the management team and represent shareholders’ best interests,” according to a filing. (Reuters)
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Marc Andreessen and Peggy Alford’s “lack of independence … is undermining the board’s ability to adequately oversee the management team and represent shareholders’ best interests,” according to a filing. (Reuters)
Talking point: The filing comes from a group of 15 shareholders, including the Shareholder Association for Research and Education. The investors want new, highly qualified independent directors to replace venture capitalist Andreessen and Paypal executive Alford. They are also calling for the board to eliminate Meta’s dual-class structure and separate the functions of the CEO and chair. Meta, which declined to comment, will hold its annual meeting where a vote will take place on May 25. Meanwhile, Shopify will vote on a new share structure at its AGM on June 7. The Ottawa-based company wants to create a new “founder share” that will give its CEO 40 per cent of the voting power within the company.
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