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News Corp rejects separating top jobs
BBC News web site
DATELINE: 17/10/12
A majority of News Corp shareholders have voted against separating the roles of chairman and chief executive, both currently held by Rupert Murdoch. Mr Murdoch's family owns about 12% of News Corp but, because of the dual class shareholding structure, has 40% of the voting shares in the company. Two-thirds of votes cast, excluding the Murdoch family, wanted to separate the roles and have an independent chairman. A resolution to change the shareholding structure was also rejected.
"There are plenty of media stocks to buy if they don't like this one," Mr Murdoch told the meeting. "When you buy the stock, you know what the company is. If you don't like it, don't buy the stock."
Julie Tanner of the socially responsible Christian Brothers Investment Services proposed the resolution calling for an independent chairman. "While 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," she said.
There was also support from about two-thirds of non-Murdoch votes for eliminating the distinction between voting and non-voting shares. Corporate governance issues were raised after the phone-hacking scandal at News Corp's newspapers emerged last year.
"The failure of internal controls has had real and lasting repercussions," Julie Tanner said. "It has shuttered a newspaper, launched criminal investigations, cancelled the BSkyB acquisition, eroded public trust and tarnished the company's reputation."
"This has been a difficult period in our company's 58-year history," Mr Murdoch told shareholders at the meeting in Los Angeles. "We've acknowledged the serious wrongdoing that occurred in the United Kingdom," he said, adding that the company had "seized the opportunity to make amends" and to improve corporate compliance. He said that the problems at its UK newspapers were not found in News Corp's other divisions. Mr Murdoch also pointed out that News Corp's shares had risen 45% in the last 12 months.
News Corp has previously announced plans to split into two companies, separating its broadcasting and publishing businesses, with Mr Murdoch to chair both groups. He told the meeting that the split would take time, and that there would be details on the executive leadership and board membership by the end of the year.
Last modified: Wednesday, October 17, 2012
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World Press Freedom Day
More reporters are currently imprisoned in Turkey than in any other country in the world. Only a matter of weeks ago lawyers failed to persuade a Turkish court to release a 76-year-old journalist from a Turkish internet news station.
World Press Freedom Day on Friday May 3, 2013 is being marked in Britain by a rally to highlight the dangers facing journalists in Turkey and in this podcast, Nicholas Jones speaks to Barry White, Organiser at the Campaign for Press and Broadcasting Freedom, and Sam Bamford, the TUC's policy officer for Eastern Europe and Africa about the importance of a campaign to highlight international press freedom.
The World Press Freedom Day rally is being staged by the National Union of Journalists at the NUJ head office, Gray’s Inn Road, London WC1 on Thursday May 2, 6pm-8pm.
DATELINE: 27/4/13
UK launch of EU media campaign
DATELINE: 13/3/13
The UK launch of a 'European Citizens' Initiative' calling for EU rules against concentration of media power will take place on Thursday March 21 from 11:00am – 12:30pm in Committee Room 4A at the House of Lords, London. Guest speakers will include actor and activist Hugh Grant (pictured), media consultant Claire Enders, Professor Steven Barnett, Barry McCall (President of the NUJ) and Marc Gruber (Director of the European Federation of Journalists).
A European Citizens' Initiative is an official petition, like a Downing Street petition. If it succeeds in gathering a million signatures across the EU, the Commission is obliged to respond.
This petition calls for the EU to act to protect media pluralism and press freedom.
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Previous stories
Media Ownership
Boris Johnson courts controversy by inviting Rupert Murdoch as his 'personal guest' to Olympic swimming final
News Corporation directors could face charges for neglect of duties
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Rupert Murdoch concedes News Corp faces divided future
Rupert Murdoch concedes News Corp faces divided future
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Ofcom escalates BSkyB probe
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