Another Shareholders Group Wants Murdoch Out

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Yet another key group of shareholders has called for the removal of Rupert Murdoch and his sons from the board of News Corp. "The time is right for the company to appoint an independent chairman to rebuild trust, help correct the governance discount, and ensure that the interests of all investors are properly represented," Jennifer Walmsley, Director of Hermes Equity Ownership Services, told Reuters. However, she acknowledged, "We have a battle on our hands to demonstrate the strength of shareholder opposition because so many shares are held by the family or by people affiliated with the family." Referring to the A- and B-share structure of the company's market configuration that effectively gives Murdoch and his loyalists on the board effective Veto power over other shareholders, Walmsley said "There is a huge problem with shareholder democracy at News Corp -- it breaches what we see as a fundamental shareholder right of 'one share, one vote'"

14/10/2011


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Tags: Rupert Murdoch - Veto

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