Facebook?s 2016 annual meeting Monday was more intriguing than past gatherings due to uncertainty over Peter Thiel?s position on the board of directors and a proposal to create a new class of non-voting capital stock.
But when all was said and done at the Sofitel San Francisco Bay in Redwood City, Calif., Monday afternoon, all of the votes went Facebook?s way.
There had been some speculation about Thiel not being retained on the company?s board of directors following the news last month that he helped fund wrestler Hulk Hogan?s lawsuit against Gawker Media, since it seemed to run counter to the social network?s efforts to embrace media and publishers.
However, Thiel and the rest of Facebook?s board of directors?Marc Andreessen, Erskine Bowles, Susan Desmond-Hellmann, Reed Hastings, Jan Koum, Sheryl Sandberg and Mark Zuckerberg?will serve through next year?s annual meeting. The new class of non-voting capital stock, class-C capital stock, which was also approved at the company?s annual meeting, was first proposed on the day of Facebook?s first-quarter-2016 earnings call in late April, and general counsel Colin Stretch said in a note at the time:
The board believes that a large part of Facebook?s success has stemmed from the leadership, creative vision and management of Mark Zuckerberg, and that the company?s future success will depend on Mark?s continued leadership. Specifically, the board believes this structure will benefit Facebook and its stockholders by:

Allowing ...