Will Mark Zuckerberg stay on as Facebook chairman?

Several public funds that hold shares in Facebook back a proposal to remove CEO Mark Zuckerberg as chairman, saying the social media giant mishandled several high-profile scandals.

UNITED STATES (REUTERS) - After several high profile scandals, several large, public funds that hold shares in Facebook are joining calls for CEO Mark Zuckerberg to be removed as company chairman.

In April, Zuckerberg was defending his company on Capitol Hill against accusations of spreading 'fake news' during the 2016 presidential election, and mishandling personal data.

"I'm committed to getting this right. This includes the basic responsibility of protecting people's information, which we failed to do with Cambridge Analytica," said Zuckerberg. 

That failure and other controversies have triggered calls for Zuckerberg to be replaced.

Now, several public funds that hold shares in Facebook in a proposal called for him to be removed as chairman, over such high-profile scandals.

The proposal calls on Facebook's board to make the role of board chair an independent position.

Zuckerberg has about 60 per cent voting power.

The proposal is set to be voted on at the company's annual shareholder meeting in May 2019.