Facebook is used by people around the world representing a multitude of diverse cultures and nationalities. But despite its’ users multiplicity, the Facebook board of directors is looking rather one-sided.
Black Enterprise relays that the multi-billion dollar social networking filed paperwork for an initial public offering with the Securities and Exchange Commission earlier this month. Last week potential buyers were able to look at the company’s finances. They revealed that last year Facebook earned $1 billion of profit from $3.71 billion in revenue; advertising comprised 85 percent of that income while social gaming and other fees accounted for the remainder.
Despite the significant financial opportunity, buyers also can’t ignore that Facebook’s CEO Mark Zuckerberg did not invite any women or minorities to its board of directors.
CalSTRS, a California pension fund with about a $30 million investment in Facebook was very vocal in its disapproval.
“We are disappointed that the Facebook board will not have any woman members,” Anne Sheehan, the director of corporate governance for CalSTRS wrote to Zuckerberg in a letter.
CalSTRS portfolio manager Janice Hester-Amey, also added that Facebook wasn’t simply overlooking women, but men of color as well.
While it is true that Sheryl Sandberg, Facebook’s chief operating officer and highest paid employee is a woman, she alone cannot represent all women on Facebook and certainly not minorities.
In defense, Facebook also pointed to its Year Up program as a means of instilling diversity. This one intensive training program targets low-income young adults from ages 18-34. The program offers participants hands-on development, college credit and corporate internships.
While this training program may do offer assistance to minority communities, Facebook will not be able to claim its diverse until faces of color and women begin to show a presence in its high ranking positions.