Facebook To Webcast Its First-Ever Stockholders Meeting June 11th
Facebook’s board of directors and stockholders will convene on June 11, and anyone will be able to virtually sit in as Facebook today announced it will webcast its first stockholder’s meeting. The move will likely set a precedent for webcasting future Facebook stockholders meetings, similar to how Google does, but in contrast to Apple’s un-streamed assemblies.
Core to the meeting’s agenda will be the election of Facebook’s board of directors. In a letter to its shareholders, Facebook asked them to elect all existing board members, excluding Jim Breyer who announced in April that he would step down from the board after eight years of service. The members seeking election are Mark Zuckerberg, Sheryl Sandberg, Donald Graham, Marc Andreessen, Erskine Bowles, Reed Hastings, Peter Thiel, and newest member Susan Desmond-Hellmann.
The meeting will also hear non-binding advisory votes on the compensation for Facebook executive officers and whether stockholders should vote on this compensation program every one, two or three years. Stockholders will ratify the appointment of independent registered public accounting firm Ernst & Young LLP, and take care of any other necessary business.
Held at the The Westin San Francisco Airport at 11 a.m. PST on June 11, the meeting will signify the end of Facebook’s first year as a public company. So far, $FB shares have slid from their May 18, 2012, $38 IPO price to $23.52 today, capped by a hard month of steady sinking from $28.31 since May 3, 2013. Thanks to the webcast, we’ll see if stockholders voice frustration with the price or take their disappointment out on CEO Mark Zuckerberg or the board.
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