Rupert Murdoch Continues Reign Over His Crown Jewel
On Friday, News Corp (NASDAQ:NWSA) re-elected all 15 board of directors at its annual meeting after a call for change had been vocalized. A vote tally is not available and Friday’s results are still being finalized. They will then be filed with the Securities and Exchange Commission.
While investor groups had earlier called for Chairman and Chief Executive Rupert Murdoch’s two sons, James and Lachlan, to step down from the board as well as one, Institutional Shareholder Services, going so far as ask for Murdoch himself to remove himself from the board, with the CEO as a major shareholder, these removals were unlikely to happen.
And they did not, most likely due to the company’s share structure. This was also at issue on Friday.
The shareholder groups had also asked for the company to eliminate its “dual class” of shares; however, no one spoke up at the Friday’s meeting to take this action. This structure gives holders all of the company’s voting rights and 40 percent of them currently sit in the hands of Murdoch.
News Corp’s (NASDAQ:NWSA) stock closed down 0.06% on Friday to $16.61 prior to the meeting. Shares are up 3.55% year to date. The stock has traded in a 52-week range between $13.32 and $18.48.