Disclose Votes by Share Class | Interfaith Center on Corporate Responsibility

<div class=”col-lg-9 content-page left-side”>
<section class=”section-a-single-resolutions resolutions-info top-content”>
<div class=”resolutions-contain”>
<div class=”top-content”>
<h4>Resolution Details</h4>
</div>
<div class=”bottom-content”>
<div class=”row-info”>
<strong>Company:</strong>
<p>Meta (Facebook Inc.)</p>
</div>
<div class=”row-info”>
<strong>Year:</strong>
<p>2026 </p>
</div>
<div class=”row-info”>
<strong>Issue Area:</strong>
<p>Corporate Governance </p>
</div>

<div class=”row-info”>
<strong>Focus Area:</strong>
<p>One Vote Per Share </p>
</div>
<div class=”row-info”>
<strong>Status:</strong>
<p>Filed</p>
</div>

</a>
</div>
</div>
</div>
</section>

<section class=”section-b-single-resolutions content-blocks”>
<div class=”top-content editor-block”>
<div class=”content-block”>
<div class=”main-content”>
<h2>Resolution Text</h2>
<p><strong>RESOLVED</strong>: Shareholders request that Meta Platforms, Inc. (the “Company”) disclose the voting results on matters subject to a shareholder vote according to the class of shares, namely differentiating between those shares carrying one voting right and those carrying multiple voting rights, effective beginning at the Company’s 2027 annual meeting of shareholders.</p>
<p><strong>SUPPORTING STATEMENT</strong><br>The Company maintains a dual class structure for its common stock. Its Class B common stock has ten votes per share while its Class A common stock has one vote per share.<br>Voting results are currently disclosed by the Company without any distinction by share class. It is important for those results to be disclosed separately by share class to determine whether the concerns of each class of shareholders are aligned.<br><br>Due to the Company’s dual class structure, one shareholder controls a majority of the voting rights. As the Company explains, the risks related to ownership of Class A common stock include “limitations on the ability of holders of Class A Common Stock to influence corporate matters due to the dual class structure of the common stock and the control of a majority of the voting power of the outstanding capital stock by the founder, Chairman, and Chief Executive Officer.”1 Mr. Zuckerberg owns nearly 100% of the outstanding Class B stock, which grants him 61% of the overall voting power while holding only roughly 13% of the economic interest.2<br><br>The outsized impact of Class B votes means that voting outcomes may not reflect the concerns of the broader shareholder base. Consequently, it would benefit the majority of the Company’s shareholders to easily see when a skewed result has occurred.<br><br>Recent voting patterns suggest that Class A and Class B shareholders may not always be aligned on governance and disclosure matters. Recent proposals relating to sunsetting the dual class stock structure3 and disclosing voting results by share class4 are estimated to have received majority support among the Company’s independent shareholders, based on our calculations.<br><br>The disaggregation of voting results by share class would enable Class A shareholders to better monitor how responsive the Company is to issues that a majority of independent shareholders support.<br>The Council of Institutional Investors recommends that companies with multiple share classes with unequal voting rights “supplement their final results with tallies for each class,”5 emphasizing that class-by-class disclosure is important for transparency and “may prompt value-enhancing conversations among board members and managers.”6</p>
<p> </p>
<p>Disclosure of voting results by share class is not an onerous undertaking and would not place undue burden on the Company. Some firms have chosen to provide vote results by share class, as requested by this proposal, as a simple yet meaningful step toward enhanced transparency and demonstrating a commitment to good governance and shareholder responsiveness. 7</p>
<p>1 https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680125000017/meta-20241231.htm<br>2 https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680125000040/meta-20250417.htm<br>3 https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680125000040/meta-20250417.htm https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680123000050/meta-20230414.htm<br>4 https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680125000040/meta-20250417.htm<br>5 https://www.cii.org/corp_gov_policies<br>6 https://www.cii.org/content.asp?contentid=312<br>7 https://www.sec.gov/ix?doc=/Archives/edgar/data/0001649744/000119312525133351/d93898d8k.htm; https://www.sec.gov/ix?doc=/Archives/edgar/data/0001050606/000119312523149534/d650502d8k.htm;<br>https://www.sedarplus.ca/csa-party/records/document.html?id=88819b965f697c04523ab50fd83b863f0008c6fb9e31d37ac2e9bca839c72312;<br>https://www.sedarplus.ca/csa-party/records/document.html?id=0a9e06d7cc85c02267e08ee13732a087f65f746691dd0b8629201a86840b1bc3</p>

</div>
</div>
</div>
<div class=”middle-content editor-block”>
<div class=”content-block”>
<div class=”main-content”>

</div>
</div>
</div>

</section>
</div>
<aside class=”col-xl-3 right-side”>
<div class=”column-contain”>

<h3>Lead Filer</h3>
<div class=”views-row”>
<div class=”views-field views-field-nothing”><span class=”field-content”> Michael Frerichs</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Illinois State Treasurer</span></div>
</div>

<h3>Co-filer</h3>
<div class=”views-row”>
<div class=”views-field views-field-nothing”><span class=”field-content”> Lucy Larner</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Schroders plc</span></div>
</div>

</div>

</div>
</div>

</div>
</div>
</aside&gt