Murdoch to face shareholder revolt at News Corp AGM
Shareholders have stepped up their campaign to remove Rupert Murdoch as chairman of News Corporation ahead of the media company's annual general meeting this month, Dominic Rushe writes.business Updated: Oct 04, 2012 22:00 IST
Shareholders have stepped up their campaign to remove Rupert Murdoch as chairman of News Corporation ahead of the media company's annual general meeting this month.
Hermes, a British fund manager that controls $40 billion in assets, joined an action on Wednesday launched by dissident shareholders seeking to oust News Corp's chairman in the wake of the phone-hacking scandal.
Glass Lewis, one of the largest shareholder advisory groups, has also recommended its clients vote for the appointment of an independent chair.
This is the second year that major shareholders have rounded on Murdoch.
"The time is right for the company to appoint an independent chair in order to ensure that the interests of all investors are more properly represented," said Hans Hirt, global head of corporate engagement at Hermes.
The resolution was co-filed by Christian Brothers Investment Services and members of the Local Authority Pension Fund Forum. It will be voted on at the company's annual meeting on October 16.
Murdoch and his family own 12% of the media giant but control 40% of the vote because of News Corp's dual-class share structure.