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By Mary Minette, Senior Director of Shareholder Advocacy, Mercy Investment Services
Voting results at this year’s Meta annual meeting are an example of a troubling governance trend among publicly traded technology companies. In 2026, investors filed 10 shareholder proposals at the company, the parent of social media platforms Facebook and Instagram, on topics ranging from the human rights implications of its use of artificial intelligence to the risk to its climate goals presented by the energy used to support the company’s massive data centers.
The company’s dual-class share structure gives the shares held by founder Mark Zuckerberg 10 votes per share while the shares held by other investors have only a single vote; as a result, although Zuckerberg owns only 14 percent of the company, he holds nearly 60 percent of voting rights. Due to this share structure, a majority vote on a shareholder proposal is impossible unless Zuckerberg agrees to vote yes.
As a result of this unequal power structure, none of the proposals presented in this year’s proxy statement passed. However, if you remove the “founder” shares held by Zuckerberg from the mix, several of them received a sizeable majority of the independent share votes, as shown in the table below.
Source: Michael Passof, Proxy Impact
All three of the governance-related proposals on the proxy, which requested that the company hold an annual “say on pay” vote for its highest paid employees, report voting results by share class (as in the chart above), and most importantly, end the dual class share structure that resulted in these inequitable results, received majority votes from the independent shareholders in Meta, but Zuckerberg’s voting power was able to defeat them all. A proposal that was co-filed by the Portfolio Advisory Board, asking the company to explain how it will meet its climate change targets given the growing energy demand from its use of artificial intelligence and planned data center development, received only 6.9 percent of the vote overall, but a much more robust 22.3 percent of the vote from independent shares. This indicates that independent shareholders are interested in learning more about the company’s commitment to its climate change goals.
The Council of Institutional Investors calls the concept of “one share, one vote” a bedrock principle of corporate governance, and one that ensures that boards of directors have a clear picture of the concerns of their independent shareholders. Allowing founders of companies to continue to control indefinitely the vote at some of the largest public companies risks entrenched thinking among management and that boards will miss opportunities to make needed changes in strategy.
Despite the risks presented by allowing a founder to continue to control a majority of votes indefinitely, the number of companies with such “dual class” share structures has grown in recent years. The most prominent current example may be the newly public SpaceX, which gives founder Elon Musk 80 percent of the voting rights although he and other entities that he controls own only about 40 percent of shares in the company.
Investors and investor organizations such as the Interfaith Center on Corporate Responsibility have spoken out about the risks of dual class share structures to long-term good governance and will continue to push companies to reconsider these structures to ensure that all shareholders have an equal voice in the companies they own.
By Li Ma, Director of Development, Opportunity Resource Fund
April 20, 2026, Grand Rapids, Michigan – Growing up, Avanti Footman knew the feeling of “home” with a backyard and neighbors as space and security that define happiness. This was before her parents’ divorce, which led to her moving from a house into a two bedroom apartment shared with her mom and two brothers. The shift made the instability feel real, a contrast she still remembers.
Years later, as a mother herself, Avanti rented responsibly in Grand Rapids, Michigan, paid her rent on time, and cared for each place she lived. Yet twice, landlords reclaimed their homes, giving her just 30 days to move. “It was heartbreaking,” she recalled. “My daughter had lived her first five years there, and we had to leave with almost no warning.” The instability she had promised herself she would never pass on to her children seemed unavoidable.
During the COVID-19 pandemic in 2021, Avanti relied on a Section 8 voucher to help keep her housing affordable. She continued paying rent even when agencies fell behind in processing payments. But when the system later sent retroactive funds to correct her ledger, confusion with her landlord led to conflict. When she asked for clarification, communication broke down.
Soon, another 30 day notice arrived. Avanti still remembers standing before the judge, explaining that she wasn’t behind, hadn’t damaged anything, and was only asking for fairness. The judge granted her additional time, but the message was clear: she and her children still had to go.
“I knew then that I couldn’t keep living like that,” she said. “I didn’t want my family to be uprooted just because someone else decided it was time.” The dream of owning a home – something steady, something hers – rose to the surface again.
Yet the path to ownership was not easy. Traditional lenders told her no. Despite years of responsible tenancy and stable income, the doors of conventional mortgage financing remained closed. “The local banks wouldn’t pre approve me,” she said.
That changed when she was referred to Opportunity Resource Fund. For Avanti, it was the first time a financial institution looked at her with possibility instead of limitation. “They were the only ones who said, ‘We’re going to get to the end,’” she recalled. OppFund staff walked with her through every step, making sure she understood the process and helping her rebuild confidence that homeownership was not only possible, but within reach.
With their support, Avanti purchased a modest, welcoming home in the neighborhood she grew up in. For the first time, she felt rooted. “I no longer have to answer to anyone but the bank,” she said, smiling. “My daughters can go outside and play. They have cousins down the street.” Stability has also allowed her to extend generosity outward: hosting friends who need a place to stay; supporting family; and creating the warm, communal home she longed for as a child.
Later in 2025, another job loss caused her to fall behind on her mortgage. Once again, Opportunity Resource Fund stood beside her. Through its Homeowner Relief Fund, she received assistance to get back on track. “They don’t just help you get into a home,” she said. “They help you stay in a home.”
At Opportunity Resource Fund’s 40 year anniversary gala, Avanti joined to celebrate the impact of this organization that helped her family stay in her home and beloved neighborhood.
Today, Avanti speaks of her home not only as a personal milestone but as a turning point for future generations. “I was able to create generational wealth,” she said. “To break generational curses.”
And to others facing circumstances like hers, she offers simple, steady encouragement: “Don’t give up. Keep going. Use your resources. Trust God.”
With the Adrian Dominican Sisters Portfolio Advisory Board impact investment, Opportunity Resource Fund’s loans are creating meaningful change for communities throughout Michigan.
Caption for above feature photo: Avanti Footman and one of her daughters stand in their new house. Avanti bought the home through the help of the Opportunity Resource Fund.