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Facebook Inc. (FB:US) and Chairman Mark Zuckerberg’s program of letting company directors set their own pay, capped at stock currently worth $145 million per person, wastes corporate assets, an investor said in a lawsuit.
Facebook’s board (FB:US) paid non-employee directors an average of $461,000 last year in stock, exceeding industry peers by as much as 43 percent, shareholder Ernesto Espinoza said in a lawsuit filed in Delaware Chancery Court.
“Moreover, the members of the board are free to continue to award themselves virtually any amount of compensation they choose into perpetuity,” according to the complaint made public today in Wilmington. Facebook Sued Over Directors Remuneration [businessweek.com]