Comptroller Stringer Statement on Facebook Proposal
October 17, 2018
(New York, NY) – New York City Comptroller Scott Stringer today released the following statement regarding a shareholder proposal the New York City Pension Funds co-filed with Illinois State Treasurer Michael Frerichs, Rhode Island State Treasurer Seth Magaziner, Pennsylvania Treasurer Joe Torsella, and Trillium Asset Management asking the Facebook board of directors to make the role of Board Chair an independent position:
“Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent – that’s why we’re demanding independence and accountability in the company’s boardroom.
“We need Facebook’s insular boardroom to make a serious commitment to addressing real risks – reputational, regulatory, and the risk to our democracy – that impact the company, its shareowners, and ultimately the hard-earned pensions of thousands of New York City workers. An independent board chair is essential to moving Facebook forward from this mess, and to reestablish trust with Americans and investors alike.”