California pension operation CalSTRS say it objects to the lack of diversity of Facebook’s board of directors. The social network is expected to go public soon, at a valuation which will be nearly $100 billion by some estimate. Facebook’s board is made up entirely of white men. Since Facebook’s voting shares are controlled by CEO and founder Mark Zuckerberg, the IPO should not affected. In addition, the demand for shares in the company is likely to be huge.
The California State Teachers’ Retirement System sent a letter to Facebook Chief Executive Mark Zuckerberg, raising concerns that the board named in the company’s IPO filing does not have a wide spectrum of corporate experience, and is lacking gender and racial diversity.
Based on the power of Zuckerberg and interest in Facebook shares, the letter was a waste of paper.