Rupert Murdoch elected chairman of 21st Century Fox
Shareholders of 21st Century Fox ignored a call for an independent chair by electing Rupert Murdoch as chairman during a meeting on Friday (18 October). Murdoch's sons, Lachlan and James, were also confirmed as board directors. Two investor groups, Christian Brothers Investment Services and the British Columbia Investment Management Corporation of Canada, proposed that there should be a separate chairman and chief executive.
- And the proxy advisory firm, Institutional Shareholder Services, recommended that shareholders should vote against Murdoch and eight other directors, including his sons.
- Reuters reports that Timothy Schaler, an investment adviser for Christian Brothers, told the meeting: "Our new company deserves a fresh start."
The response from 21st Century Fox was that it needed Murdoch's "unique insight and strategic vision" in the joint chairman-CEO role, and said the current board has delivered good returns for shareholders.
- The Murdochs control 39.4% of the company's voting rights through class B shares. Prince Alwaleed Bin Talal, a frequent Murdoch ally, owns 7%.
- Murdoch is also executive chairman of News Corp. Its chief executive is Robert Thomson.
No comments:
Post a Comment