In case the founder leaves his role...
Facebook's board is seeking to reduce the control founder and CEO Mark Zuckerberg has over the tech giant.
The board is calling on shareholders to vote on a proposal that would allow Zuckerberg's majority voting control to be terminated in the event he leaves or no longer occupies his current position at the company.
If he was to step down or be fired for cause, his Class B shares would be converted to Class A.
This would give him just one vote per share instead of the 10 he currently enjoys.
Aside from the man himself, it would prevent his descendants from keeping control of the company.
In a proxy statement filed to the Securities and Exchange Commission in the United States, Facebook said:
"These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company".
Mark Zuckerberg currently has 53.8% of total shareholder voting power.
Added to the irrevocable proxy over co-founder Dustin Moskovitz's Class B shares, he essentially has 60% control of the California corporation.
Facebook has argued that its search for a qualified CEO would be hampered if Zuckerberg held on to his Class B shares.
The company also noted that it would persuade him to stick with Facebook for the long-term, rather than leave for a rival.