{"id":1460,"date":"2012-10-17T22:24:18","date_gmt":"2012-10-17T22:24:18","guid":{"rendered":"https:\/\/cbisonline.com\/us\/?p=1460"},"modified":"2012-10-17T22:24:18","modified_gmt":"2012-10-17T22:24:18","slug":"two-thirds-independent-shareholders-news-corp-vote-independent-chair","status":"publish","type":"post","link":"https:\/\/cbisonline.com\/us\/two-thirds-independent-shareholders-news-corp-vote-independent-chair\/","title":{"rendered":"Two-Thirds of Independent Shareholders at News Corp. Vote for Independent Chair"},"content":{"rendered":"<p><strong>October 17, 2012: Two-Thirds of Independent Shareholders at News Corp. Vote for Independent Chair and Elimination of Dual Class Stocks<\/strong><\/p>\n<p>Approximately two-thirds of independent News Corp. shareholders voted for resolutions calling for an independent chairman\u2014in effect, stripping CEO Rupert Murdoch of this position\u2014and the elimination of the company\u2019s dual-class share structure, which gives the Murdoch family de-facto control with just 13 percent ownership.\u00a0\u00a0 This vote casts doubts on whether shareholders see their interests as aligned with the Murdoch family.<\/p>\n<p>\u201cWhile Mr. Murdoch claims that the interests of his family are in line with those of all shareholders, this vote proves that most independent shareholders would disagree,\u201d said Julie Tanner, Assistant Director of Socially Responsible Investor for CBIS.\u00a0 \u201cWe are looking for long-term value in the company, which requires substantive change to the weak corporate governance practices that have brought us to this point.\u201d<\/p>\n<p>\u201cThese results demonstrate the need for a one vote, one share structure,\u201d said Laura Campos of the Nathan Cummings Foundation.\u00a0 \u201cThe company has failed to convince shareholders that the status quo is in our best interest.\u00a0 We deserve a say in the running of our company, and Murdoch should not continue to be insulated from shareholder concerns.\u201d<\/p>\n<p>\u201cThe message from an overwhelming number of shareholders is clear:\u00a0 it\u2019s time for reform at News Corp.,\u201d said Ian Greenwood, Chair of the LAPFF, which manages $185 billion in assets.\u00a0 \u201cThese issues of fundamentally flawed corporate governance are not going away.\u201d<\/p>\n<p>The independent shareholder calculation was made by removing the CEO Rupurt Murdoch\u2019s shares from the votes cast.<\/p>\n<p>The resolution to strip Rupert of his chairmanship was jointly introduced by the UK-based Local Area Pension Fund Forum (LAPFF) and Christian Brothers Investment Services (CBIS). The Nathan Cummings Foundation asked News Corp to adopt the same one-share, one-vote structure that is in place at more than 90 percent of the S&amp;P 500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>October 17, 2012: Two-Thirds of Independent Shareholders at News Corp. Vote for Independent Chair and Elimination of Dual Class Stocks Approximately two-thirds of independent News Corp. shareholders voted for resolutions calling for an independent chairman\u2014in effect, stripping CEO Rupert Murdoch of this position\u2014and the elimination of the company\u2019s dual-class share structure, which gives the Murdoch [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[52,53],"tags":[],"class_list":["post-1460","post","type-post","status-publish","format-standard","hentry","category-news","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Two-Thirds of Independent Shareholders at News Corp. 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