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Risk it to make it: The 1% playbook

China's central banks are all set to adopt new revamped policy of differentiated regulatory systems for assessing commercial banks' capital adequacy and risk management, in a step to better prevent risks in the country's financial system

China to revamp risk management strategy

China is witnessing a new COVID outbreak most likely due to the BF.7 Omicron variant. There are many reports which suggest that the ground situation in hospitals and crematoriums is scary owing to the explosion in the daily number of COVID cases and the shortage of medical staff. In a key development, the management of COVID-19 will now be reduced from Class A to Class B from 8 January, according to a late Monday night announcement from China's National Health Commission (NHC). What will that change?

According to the Chinese Center for Disease Control and Prevention, there are now 40 kinds of notifiable infectious diseases in China, divided into three classes,&nbsp;Class A, Class B, and Class C.&nbsp;Class A infectious illnesses include cholera and plague. Among the infectious illnesses classified as Class B include SARS, AIDS, and TB. Flu, the mumps, and other infectious disorders fall under class C.

In a significant change to its epidemic response strategies, China will manage COVID-19 with measures against Class-B infectious illnesses rather than Class-A.&nbsp;As a result of the downgrade of COVID management from Class A to Class B, there won't be any more quarantine for travellers entering the nation, sealed COVID-19 case management, or high-risk geographic zones. However, foreign visitors who are entering China should undergo nucleic acid testing 48 hours before departure. According to a handout published by NHC, saying that China has met the right conditions for downgrading the management of COVID-19.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/travel-sites-see-an-uptick-as-china-loosens-international-travel-rules-546939">Travel sites see an uptick as China loosens international travel rules</a>

What will change?

According to Global Times, downgrading the administration of COVID-19 to Class B indicates that control of COVID-19 will once again fall under the purview of the medical system; nevertheless, tactics like widespread lockdowns and mobility restrictions enforced by local governments will no longer be applied. Reducing the management can safeguard vulnerable groups, free up a lot of medical resources from temporary hospitals that can be used for regular medical care, and serve as a foundation for future improvements to preventative and control measures.

NHC requested that community health clinics and hospitals above the secondary level open as many fever clinics as they could. Additionally, it mandated that temporary hospitals be upgraded to designated hospitals for the care of COVID-19 patients. In order to preserve lives, major hospitals were also urged to hire more employees and provide more resources, such as ensuring that there would be enough people to staff the ICU beds.

China said that it will ease the visa policies for those who wish to visit family, resume their studies, or work. In light of the global pandemic scenario and the support capability of all sectors, the nation will also gradually resume passenger transit through maritime and land ports as well as outbound tourism.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/at-least-13-people-have-been-killed-in-philippine-floods-546931">At least 13 people have been killed in Philippine floods</a>

COVID19 name also changed&nbsp;

The National Health Commission said on Monday that China has changed the nomenclature of COVID-19 from "novel coronavirus pneumonia" to "novel coronavirus infection." Since the majority of patients displayed pneumonia symptoms, it was first referred to as new coronavirus pneumonia. However, now&nbsp;only a few patients are&nbsp;displaying&nbsp;pneumonia symptoms as a result of the Omicron variation becoming the dominant strain, the NHC stated on Monday. 
&nbsp;

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China is witnessing a new COVID outbreak most likely due to the BF.7 Omicron variant. There are many reports which suggest that the ground situation in hospitals and crematoriums is scary owing to the explosion in the daily number of COVID cases and the shortage of medical staff.

China is witnessing a new COVID outbreak most likely due to the BF.7 Omicron variant. There are many reports which suggest that the ground situation in hospitals and crematoriums is scary owing to the explosion in the daily number of COVID cases and the shortage of medical staff. In a key development, the management of COVID-19 will now be reduced from Class A to Class B from 8 January, according to a late Monday night announcement from China's National Health Commission (NHC). What will that change? According to the Chinese Center for Disease Control and Prevention, there are now 40 kinds of notifiable infectious diseases in China, divided into three classes, Class A, Class B, and Class C. Class A infectious illnesses include cholera and plague. Among the infectious illnesses classified as Class B include SARS, AIDS, and TB. Flu, the mumps, and other infectious disorders fall under class C. In a significant change to its epidemic response strategies, China will manage COVID-19 with measures against Class-B infectious illnesses rather than Class-A. As a result of the downgrade of COVID management from Class A to Class B, there won't be any more quarantine for travellers entering the nation, sealed COVID-19 case management, or high-risk geographic zones. However, foreign visitors who are entering China should undergo nucleic acid testing 48 hours before departure. According to a handout published by NHC, saying that China has met the right conditions for downgrading the management of COVID-19. ALSO READ | Travel sites see an uptick as China loosens international travel rules What will change? According to Global Times, downgrading the administration of COVID-19 to Class B indicates that control of COVID-19 will once again fall under the purview of the medical system; nevertheless, tactics like widespread lockdowns and mobility restrictions enforced by local governments will no longer be applied. Reducing the management can safeguard vulnerable groups, free up a lot of medical resources from temporary hospitals that can be used for regular medical care, and serve as a foundation for future improvements to preventative and control measures. NHC requested that community health clinics and hospitals above the secondary level open as many fever clinics as they could. Additionally, it mandated that temporary hospitals be upgraded to designated hospitals for the care of COVID-19 patients. In order to preserve lives, major hospitals were also urged to hire more employees and provide more resources, such as ensuring that there would be enough people to staff the ICU beds. China said that it will ease the visa policies for those who wish to visit family, resume their studies, or work. In light of the global pandemic scenario and the support capability of all sectors, the nation will also gradually resume passenger transit through maritime and land ports as well as outbound tourism. WATCH | At least 13 people have been killed in Philippine floods COVID19 name also changed The National Health Commission said on Monday that China has changed the nomenclature of COVID-19 from "novel coronavirus pneumonia" to "novel coronavirus infection." Since the majority of patients displayed pneumonia symptoms, it was first referred to as new coronavirus pneumonia. However, now only a few patients are displaying pneumonia symptoms as a result of the Omicron variation becoming the dominant strain, the NHC stated on Monday. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China downgrades COVID management to class B, what does it mean?

The 4th&nbsp;Industrial Revolution, like its predecessors, is uneven in its scope, shape and form. But, given the staggering pace of Information, Communication Technologies (ICT’s), it is not only real but countries, firms and businesses will have to adapt to it to stay relevant.&nbsp; While this revolution has not panned out in its entirety, but the Covid 19 pandemic appears to have given impetus to one major aspect or concomitant of it: the nature and the world of work. Except for the very essential services, most work has been done remotely since the onset of the pandemic. If this is the prelude or snapshot of the times to come, what will become of that modern concept and practice that made organizations effective, efficient and, yes, at times, enterprising- that is, management?

While definitions of management need not detain us here, but we may refer to the conventional definition of the same as the administration of organisations and ‘controlling’ people. If this definition holds then, as more and more work becomes digitized and remote working becomes the norm than the exception, management conventionally defined no longer exists. Or, if it exists, it is a pale shadow of itself. The reasons, in the main, pertain to the distribution of work, its spread, nature and how people perceive themselves and their rights. Re the last point, as the world of work compresses, and a given job that can be done by a person in New York or London can be done with the same tempo and skill by someone in Nairobi, for example, not only will there be awareness of work conditions and rights everywhere but the differentiator of ‘good’ management from ‘bad’ management will be culture and the understanding of cultural differences, and nuances and how to manage these.

Mind you this trend will not be akin to outsourcing where back end operations of the value chain of a given firm were dispersed around the world. No, it will be and is something profound. It will not entail coordination of different time zones but patterns of work will be so drastically altered that essentially and increasingly management will mean astute and dynamic leadership skills that would call for greater sensitivity and sensibility. In other words, &nbsp;there will be a fuller multi-culturalisation of work and work practices. In this schemata, to repeat, only aware, sensitive leadership that is culturally aware will constitute best practice.

There will be other fallouts too: one of these is a paradox- as deglobalization takes place in the domain of politics, trade and political economy, the world of work will remain globalized whose intensity is likely to intensify. This particular facet might even have sanguine consequences: while in the recent past or even now, the quest for work, especially in its white-collar dimension would take people to other countries, especially in and to the West, the 4th&nbsp;Industrial Revolution patterns of work can keep them rooted and plugged in at the same time.

If this is the template for work in the 21st&nbsp;century and beyond, another clear cut implication would be enhanced digital literacy or building ‘digital human capital’ by all nations.&nbsp; In the nature of an imperative commanded by the 4th&nbsp;Industrial Revolution, digital literacy would mean the addition of more knowledge workers to a nation’s human capital stock. Lacking a digitally literate population, a country is even likely to fall in the human development indices. All this is not to reflexively and uncritically root for the 4th&nbsp;Industrial Revolution. It stands to reason that if politically mismanaged and if the human element goes out of the policy, political and leadership matrix, this revolution can have potentially deleterious consequences. But, its tour de force is unstoppable.&nbsp; This then axiomatically means that its potential and power be harnessed. Given that, &nbsp;all dimensions of life-political, economic, social – will be impacted profoundly by the 4th&nbsp;Industrial Revolution and whose immediate and the most visible consequence will be on the nature and form of work, it stands to reason to devise appropriate lenses for these. The omission of the word structures is deliberate here because the organizational structures that will emerge will be looser than before. This will alter conventional and traditional paradigms of management and pride of place and primacy will be accorded to human and leadership skills in a workplace that will be spread all over the world.&nbsp; The larger point here is that algorithms and artificial intelligence and so on will gradually but inexorably be the norm but the lexicon and grammar of work and management will be able, deft, dexterous and sensitive leadership. To conclude, ‘management is dead, long live management’

The 4th Industrial Revolution, like its predecessors, is uneven in its scope, shape and form. But, given the staggering pace of Information, Communication Technologies (ICT’s), it is not only real but countries, firms and businesses will have to adapt to it to stay relevant.

The 4th Industrial Revolution, like its predecessors, is uneven in its scope, shape and form. But, given the staggering pace of Information, Communication Technologies (ICT’s), it is not only real but countries, firms and businesses will have to adapt to it to stay relevant. While this revolution has not panned out in its entirety, but the Covid 19 pandemic appears to have given impetus to one major aspect or concomitant of it: the nature and the world of work. Except for the very essential services, most work has been done remotely since the onset of the pandemic. If this is the prelude or snapshot of the times to come, what will become of that modern concept and practice that made organizations effective, efficient and, yes, at times, enterprising- that is, management? While definitions of management need not detain us here, but we may refer to the conventional definition of the same as the administration of organisations and ‘controlling’ people. If this definition holds then, as more and more work becomes digitized and remote working becomes the norm than the exception, management conventionally defined no longer exists. Or, if it exists, it is a pale shadow of itself. The reasons, in the main, pertain to the distribution of work, its spread, nature and how people perceive themselves and their rights. Re the last point, as the world of work compresses, and a given job that can be done by a person in New York or London can be done with the same tempo and skill by someone in Nairobi, for example, not only will there be awareness of work conditions and rights everywhere but the differentiator of ‘good’ management from ‘bad’ management will be culture and the understanding of cultural differences, and nuances and how to manage these. Mind you this trend will not be akin to outsourcing where back end operations of the value chain of a given firm were dispersed around the world. No, it will be and is something profound. It will not entail coordination of different time zones but patterns of work will be so drastically altered that essentially and increasingly management will mean astute and dynamic leadership skills that would call for greater sensitivity and sensibility. In other words, there will be a fuller multi-culturalisation of work and work practices. In this schemata, to repeat, only aware, sensitive leadership that is culturally aware will constitute best practice. There will be other fallouts too: one of these is a paradox- as deglobalization takes place in the domain of politics, trade and political economy, the world of work will remain globalized whose intensity is likely to intensify. This particular facet might even have sanguine consequences: while in the recent past or even now, the quest for work, especially in its white-collar dimension would take people to other countries, especially in and to the West, the 4th Industrial Revolution patterns of work can keep them rooted and plugged in at the same time. If this is the template for work in the 21st century and beyond, another clear cut implication would be enhanced digital literacy or building ‘digital human capital’ by all nations. In the nature of an imperative commanded by the 4th Industrial Revolution, digital literacy would mean the addition of more knowledge workers to a nation’s human capital stock. Lacking a digitally literate population, a country is even likely to fall in the human development indices. All this is not to reflexively and uncritically root for the 4th Industrial Revolution. It stands to reason that if politically mismanaged and if the human element goes out of the policy, political and leadership matrix, this revolution can have potentially deleterious consequences. But, its tour de force is unstoppable. This then axiomatically means that its potential and power be harnessed. Given that, all dimensions of life-political, economic, social – will be impacted profoundly by the 4th Industrial Revolution and whose immediate and the most visible consequence will be on the nature and form of work, it stands to reason to devise appropriate lenses for these. The omission of the word structures is deliberate here because the organizational structures that will emerge will be looser than before. This will alter conventional and traditional paradigms of management and pride of place and primacy will be accorded to human and leadership skills in a workplace that will be spread all over the world. The larger point here is that algorithms and artificial intelligence and so on will gradually but inexorably be the norm but the lexicon and grammar of work and management will be able, deft, dexterous and sensitive leadership. To conclude, ‘management is dead, long live management’

Will the 4th Industrial Revolution kill management?

Much has been written about the new trends in management education and technology-driven teaching tools that make delivery more effective.&nbsp;

Some important developments in this context include closer partnerships with industry, experiential focus in delivery, the gradual disappearance of the sage professor, focus on new subjects like big data, demographic shifts in the classroom, use of technological tools such as databases, video conferencing/telepresence, and the like. &nbsp;

These changes are taking place at a time when the global marketplace in the 21st century is characterised by volatility, uncertainty, complexity and ambiguity. This is changing the skills required in managers and B-schools need to recognise this changing demand.

Given these changes and the fact that most information today is available online for free, what more can educators offer to management students? In our eagerness to keep up with every trend, are we missing out on something that is core to developing our understanding? Could the answer perhaps lie in looking back?&nbsp;

We are living in an age where individuals are grappling with issues like happiness, focus, creativity, stress, and purpose while corporations are struggling to figure out sustainability, social responsibility and productivity.

Our ancestors have left behind a wealth of knowledge that for eons was the only source needed to understand human behaviour, economics, law, justice, commerce and even science.&nbsp;

Apart from ancient texts like the Gita, the Vedas and the Puranas, people also relied on the writings of experienced and wise men like Chanakya and Ashoka.&nbsp;

The Bhagwat Gita&nbsp; 
 
Perhaps the best-known verse from the Gita is ‘Do your duty, but do not concern yourself with the results’. This verse implies that we are obligated to perform our prescribed duties (karma) and that inaction is not an option. However, we cannot consider ourselves to be entitled to the fruits of our actions (phal).&nbsp;

For students, professionals, and businesses, the verse carries deep lessons in camaraderie, entrepreneurial spirit, handling change, organisational goals, sense of duty, motivation, patience and just reward.

Vedas as a Source of Knowledge&nbsp; 
 
Vedic wisdom is less about external talents and more about understanding oneself and internal effectiveness – traits that are vital for tomorrow’s business managers. At a holistic level, the texts teach us about the paths we need to follow towards our true calling. The lessons go well beyond the holistic level though, as Vedic methods also emphasise mnemonic learning. According to the Concise Oxford English Dictionary, ‘A mnemonic device, or memory device, is any learning technique that aids information retention or retrieval in the human memory. Mnemonics make use of elaborative encoding, retrieval cues, and imagery as specific tools to encode any given information in a way that allows for efficient storage and retrieval.’&nbsp;

This was enabled through the development of high levels of concentration in students. This was, perhaps, the origin of true inter-disciplinary learning where a student could compose poetry while solving mathematical problems, simultaneously!

As the saying goes, ‘If you don’t know where you came from, you don’t know where you are; and if you don’t know where you are, then you don’t know where you are going; and if you don’t know where you are going, you are probably going wrong’.&nbsp;

Lessons from Chanakya 
 
Holistic concepts aside, let us look at lessons from Chanakya, perhaps the first-ever management guru. Also known as Kautilya, this Indian scholar is best known for his seminal work, the Arthashastra, for long considered the ruler’s guide for economics and policy and also highly regarded by organisations for corporate strategy and management.&nbsp;

While there are endless quotes, messages and teachings from ChanakyaNiti, the essence lies in their emphasis on life skills that further self and common interest. The objective of the teachings is not to solely lead a saintly or noble existence, but to be practical. The balance in his teachings can be gauged from a specific example: while emphasising the need to avoid warmongering, Chanakya says a nation should always be prepared for war.&nbsp;

Periodically and consistently looking back at the wisdom of yesterday may help us effectively address questions of today and tomorrow. 
&nbsp;

(This article was originally published on The DNA. Read the<a href="https://www.wionews.com/opinions/it-is-time-authorities-woke-up-to-the-menace-of-obesity-239183"> original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Much has been written about the new trends in management education and technology-driven teaching tools that make delivery more effective. Some important developments in this context include closer partnerships with industry, experiential focus in delivery, the gradual disappearance of the sage professor, focus on new subjects like big data, demographic shifts in the classroom, use of technological tools such as databases, video conferencing/telepresence, and the like.

Much has been written about the new trends in management education and technology-driven teaching tools that make delivery more effective. Some important developments in this context include closer partnerships with industry, experiential focus in delivery, the gradual disappearance of the sage professor, focus on new subjects like big data, demographic shifts in the classroom, use of technological tools such as databases, video conferencing/telepresence, and the like. These changes are taking place at a time when the global marketplace in the 21st century is characterised by volatility, uncertainty, complexity and ambiguity. This is changing the skills required in managers and B-schools need to recognise this changing demand. Given these changes and the fact that most information today is available online for free, what more can educators offer to management students? In our eagerness to keep up with every trend, are we missing out on something that is core to developing our understanding? Could the answer perhaps lie in looking back? We are living in an age where individuals are grappling with issues like happiness, focus, creativity, stress, and purpose while corporations are struggling to figure out sustainability, social responsibility and productivity. Our ancestors have left behind a wealth of knowledge that for eons was the only source needed to understand human behaviour, economics, law, justice, commerce and even science. Apart from ancient texts like the Gita, the Vedas and the Puranas, people also relied on the writings of experienced and wise men like Chanakya and Ashoka. The Bhagwat Gita Perhaps the best-known verse from the Gita is ‘Do your duty, but do not concern yourself with the results’. This verse implies that we are obligated to perform our prescribed duties (karma) and that inaction is not an option. However, we cannot consider ourselves to be entitled to the fruits of our actions (phal). For students, professionals, and businesses, the verse carries deep lessons in camaraderie, entrepreneurial spirit, handling change, organisational goals, sense of duty, motivation, patience and just reward. Vedas as a Source of Knowledge Vedic wisdom is less about external talents and more about understanding oneself and internal effectiveness – traits that are vital for tomorrow’s business managers. At a holistic level, the texts teach us about the paths we need to follow towards our true calling. The lessons go well beyond the holistic level though, as Vedic methods also emphasise mnemonic learning. According to the Concise Oxford English Dictionary, ‘A mnemonic device, or memory device, is any learning technique that aids information retention or retrieval in the human memory. Mnemonics make use of elaborative encoding, retrieval cues, and imagery as specific tools to encode any given information in a way that allows for efficient storage and retrieval.’ This was enabled through the development of high levels of concentration in students. This was, perhaps, the origin of true inter-disciplinary learning where a student could compose poetry while solving mathematical problems, simultaneously! As the saying goes, ‘If you don’t know where you came from, you don’t know where you are; and if you don’t know where you are, then you don’t know where you are going; and if you don’t know where you are going, you are probably going wrong’. Lessons from Chanakya Holistic concepts aside, let us look at lessons from Chanakya, perhaps the first-ever management guru. Also known as Kautilya, this Indian scholar is best known for his seminal work, the Arthashastra, for long considered the ruler’s guide for economics and policy and also highly regarded by organisations for corporate strategy and management. While there are endless quotes, messages and teachings from ChanakyaNiti, the essence lies in their emphasis on life skills that further self and common interest. The objective of the teachings is not to solely lead a saintly or noble existence, but to be practical. The balance in his teachings can be gauged from a specific example: while emphasising the need to avoid warmongering, Chanakya says a nation should always be prepared for war. Periodically and consistently looking back at the wisdom of yesterday may help us effectively address questions of today and tomorrow. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Our ancient teachings apply to modern management

President Donald Trump said Tuesday there&#39;s a &quot;very good chance&quot; he would name conservative television personality Larry Kudlow to replace top economic advisor Gary Cohn, who resigned last week following a battle over import tariffs.

Like Cohn, Kudlow has a record of opposing import duties on steel and aluminum, but Trump said the TV pundit had &quot;come around to believing in tariffs.&quot;

&quot;I&#39;m looking at Larry Kudlow very strongly. I&#39;ve known him a long time,&quot; Trump said at the White House as he prepared to depart for California to view prototypes of a border wall, long a centerpiece of his immigration policies.

&quot;Larry has been a friend of mine for a long time. He backed me very early in the campaign. I think he was one of my original backers. He&#39;s a very, very talented man.

&quot;I&#39;m also speaking to many others. But I think Larry has a very good chance,&quot; Trump added.

Under former President Ronald Reagan, Kudlow, 70, oversaw the White House Office of Management and Budget for five years.

He also served as chief economist at the onetime investment bank Bear Stearns from 1987 to 1994.

Kudlow joined the cable business news network CNBC in 2001, where he has since featured prominently as a commentator and host, with an exuberant style and bullish, pro-free trade views.

Still, in 2007, on the eve of the global financial crisis, he told viewers there would be no recession in the United States.

Two years ago, Kudlow supported Trump&#39;s bid for the White House, favoring the Republican&#39;s campaign pledges to build a wall and cut taxes.

Married three times, Kudlow has acknowledged undergoing treatment for alcoholism and cocaine dependency in the 1990s.

Under former President Ronald Reagan, Kudlow, 70, oversaw the White House Office of Management and Budget for five years.

President Donald Trump said Tuesday there's a "very good chance" he would name conservative television personality Larry Kudlow to replace top economic advisor Gary Cohn, who resigned last week following a battle over import tariffs. Like Cohn, Kudlow has a record of opposing import duties on steel and aluminum, but Trump said the TV pundit had "come around to believing in tariffs." "I'm looking at Larry Kudlow very strongly. I've known him a long time," Trump said at the White House as he prepared to depart for California to view prototypes of a border wall, long a centerpiece of his immigration policies. "Larry has been a friend of mine for a long time. He backed me very early in the campaign. I think he was one of my original backers. He's a very, very talented man. "I'm also speaking to many others. But I think Larry has a very good chance," Trump added. Under former President Ronald Reagan, Kudlow, 70, oversaw the White House Office of Management and Budget for five years. He also served as chief economist at the onetime investment bank Bear Stearns from 1987 to 1994. Kudlow joined the cable business news network CNBC in 2001, where he has since featured prominently as a commentator and host, with an exuberant style and bullish, pro-free trade views. Still, in 2007, on the eve of the global financial crisis, he told viewers there would be no recession in the United States. Two years ago, Kudlow supported Trump's bid for the White House, favoring the Republican's campaign pledges to build a wall and cut taxes. Married three times, Kudlow has acknowledged undergoing treatment for alcoholism and cocaine dependency in the 1990s.

Trump eyes TV pundit as new economics guru

Facebook Inc&#39;s board has proposed removing Mark Zuckerberg&#39;s majority voting control in the event of the social media giant&#39;s chief executive and founder deciding to exit management at some point in future. 
 
In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook&#39;s board said it will ask shareholders to vote on a proposal that would convert Zuckerberg&#39;s Class B shares into Class A shares if he is no longer in a leadership position. 
 
As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. 
 
The proposed move - to be voted on at Facebook&#39;s annual general meeting on June 20 - is designed to make sure a future Facebook chief&#39;s management powers aren&#39;t limited, said&nbsp;the board . 
 
&quot;These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company,&quot; the board said in the filing. 
 
Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

As of June 2, Mark Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares representing about 53.8 per cent of total outstanding voting power and 14.8 per cent of total outstanding economic interests

Facebook Inc's board has proposed removing Mark Zuckerberg's majority voting control in the event of the social media giant's chief executive and founder deciding to exit management at some point in future. In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook's board said it will ask shareholders to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he is no longer in a leadership position. As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. The proposed move - to be voted on at Facebook's annual general meeting on June 20 - is designed to make sure a future Facebook chief's management powers aren't limited, said the board . "These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," the board said in the filing. Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

Facebook board seeks curb in Zuckerberg control in event of founder's departure

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