Facebook Inc., the social-networking company planning an initialpublic offering, faces corporate-governance scrutiny from one ofits investors, the California State Teachers' RetirementSystem.
“We are in fact in the beginning stages of engagement withFacebook” over governance issues, Ricardo Duran, a spokesman forthe pension fund, said in an interview. “We are planning to sendthem a letter.”
Facebook Chief Executive Officer Mark Zuckerberg controls 56.9percent of voting power at the social network, which filed lastweek to raise $5 billion in an IPO. Corporate-governance expertshave said that the CEO's majority control puts too much power inthe hands of one person.
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