Harrisburg, PA - Pennsylvania State Treasurer Joe Torsella joined five other institutional investors to call for an independent board chair at Facebook, Inc. The investors have re-filed their proposal to separate the positions of Board Chair and CEO, which earned 68% support from shareholders outside of Facebook’s headquarters in May of 2019. The proposal will be voted on at Facebook’s 2020 Annual Shareholder Meeting.
The legislature recently amended Pennsylvania’s Disposition of Abandoned and Unclaimed Property law (“Unclaimed Property Law”) to include language specifying that stock, dividends, and other passive investments are not reportable to Treasury until three years after the holder has “lost contact” with the owner. Act of June 22, 2018 (P.L. __, No. 42). Effectively, the reporting requirements for these types of investment accounts are now consistent with the requirements pertaining to retirement accounts.