Comptroller Urges Change at Facebook

July 1st, 2019

This week, in a letter to Facebook CEO Mark Zuckerberg, State Comptroller Tom DiNapoli urged major governance change at the company due to the widely reported mishandling of consumer data. DiNapoli, in his capacity as trustee of the state retirement fund, said he would vote against the nominees for Facebook’s board of directors at next year’s annual investor meeting unless the company agrees to changes, including an independent chairman with no material interest in the company. The state retirement fund holds more than $1 billion in Facebook shares, making DiNapoli an important voice among shareholders.