Funds back proposal to remove Zuckerberg as Facebook chair

A group of public funds that have holdings in Facebook Inc. are backing a proposal to remove CEO Mark Zuckerberg as chairman of the board.

Trilliam Asset Management filed the proposal in June, and now, it's being supported by the state treasurers of Illinois, Rhode Island and Pennsylvania, as well as New York State Comptroller Scott Stringer.

“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,” Stringer said. “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.”

Read more from The Wall Street Journal.