Mark Zuckerberg has a lot of power over Facebook's board, and under the company's current rules will retain control even if he leaves the company. Now the board of directors wants to change that.

The board is looking to adjust the company's certificate of incorporation so that if Zuckerberg leaves the company, control does not transfer to his descendants, according to Business Insider.

The purpose of the change is to "ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," according to a proxy filing.

Zuckerberg owns "about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power," according to Reuters.

Business Insider reported the CEO controlled 60 percent of Facebook's voting power, meaning a June 20 vote on the new provision by shareholders is "largely a formality."

So how did Zuckerberg come to have so much control to begin with​? A 2015 post on Inc.com by Quora, written by Storm Ventures partner Jason M. Lemkin explains: Zuckerberg was able to retain ownership of a large portion of the company by skipping a venture capital round.

"Because it's less how much you raise that creates dilution--it's how many times you raise," Lemkin wrote. "Because each time, everyone needs to be able to buy a material amount of your company." 

Published on: Jun 3, 2016