Zuckerberg in the crosshairs

Several public funds with holdings in Facebook Inc. (FB - Get Report)  are unhappy with the company's leadership and have backed a shareholder proposal to have Chairman and CEO Mark Zuckerberg give up his chairmanship role. 

The original proposal was filed by Trillium Asset Management in June and on Wednesday, the New York City comptroller, as well as the state treasurers of Rhode Island, Illinois, and Pennsylvania added themselves to it. 

The proposal has not been filed yet, though, as shareholders have until a December 14 deadline to officially file.

Zuckerberg's position at the company he helped start is not in much actual jeopardy, thanks to the 59.9% of Facebook's voting shares that he owns. The special class of stock that Zuckerberg owns gives him a 10 votes for every share he owns, compared to just one for the average Facebook shareholder. 

Wednesday's proposal isn't the first time shareholders have challenged the leadership structure at Facebook.

Last year, 31% of shares not owned by Zuckerberg voted to back a shareholder proposal that would have separated the CEO and chairman roles at the company. 

Facebook has been under increased scrutiny since the company revealed that it had allowed Cambridge Analytica to harvest the personal data of millions of Facebook profiles without user consent. 

Several data breaches later, and some of the company's biggest shareholders are fed up with the social media company. However, unless something dramatic happens with Zuckerberg's controlling stake, the embattled CEO is likely secure in his position. 

Shares of Facebook were essentially flat on Wednesday and are down almost 10% year to date.

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