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New York state Comptroller Thomas DiNapoli urges changes at Facebook

Comptroller Thomas DiNapoli, seen on Jan. 9, 2018,

Comptroller Thomas DiNapoli, seen on Jan. 9, 2018, says Facebook exposed shareholders to increased risk. Photo Credit: Johnny Milano

New York State Comptroller Thomas DiNapoli has written to Facebook CEO Mark Zuckerberg demanding big changes in corporate governance.

DiNapoli, writing in his capacity as trustee of the state retirement fund, said he will vote against the nominees for Facebook's board of directors at next year's annual investor meeting unless the company agrees to a series of changes, such as the selection of an independent chairman who has no material interest in the company.

Zuckerberg has led the board since 2012.

The retirement fund currently holds more than $1 billion in Facebook shares, making DiNapoli an important voice among shareholders.

In the letter released Tuesday, DiNapoli says Facebook's mishandling of personal data and slow response to false news and hate speech have exposed shareholders to increased risk.

Facebook has not responded.


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