Facebook had its annual shareholder meeting this week and voted on 13 proposals including one that allows Mark Zuckerberg to remain in charge of Facebook as he intends to donate a majority of his shares to charity.
“I plan on running and being involved in Facebook for a very long time,” Zuckerberg assured investors at the meeting.
Zuckerberg currently has 53.8% of the total outstanding voting power (60% if you include a voting proxy from co-founder Dustin Moskovitz).
To keep the Facebook CEO in control, the company plans to issue two shares of Class C shares for every Class A and Class B shares held by its shareholders; effectively creating a 3-1 stock split.
The split would allow the CEO to sell his non-voting stock while retaining Class A and B shares, allowing Zuckerberg remain in control of the company he founded.
Zuckerberg says he wants to put 99 percent of his shares in Facebook to a new philanthropy project. Shareholders kept all eight board members in tact, including Paypal Holdings Inc. Co-Founder Peter Thiel.
Disclaimer: We have no position in Facebook Inc. (NASDAQ: FB) and have not been compensated for this article.