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Several major Facebook shareholders have submitted a proposal calling for CEO Mark Zuckerberg to step down as chairman of the company’s board. The filing is mainly symbolic, since Zuckerberg has almost total voting control, an arrangement that has earned the company’s board structure comparisons to a “ dictatorship .” The proposal is still noteworthy, however, because of the investors involved. The pension funds of New York City are joining activist shareholder Trillium Asset Management, which has wanted to remove Zuckerberg as Facebook’s chairman since its disappointing second-quarter earnings report in July , as well as the state treasurers of Rhode Island, Illinois, and Pennsylvania.... Full story

18 October