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Report: Murdoch facing shareholder revolt
Posted on:
July 19, 2012, 12:01 pm EDT
July 19, 2012, 12:01 pm EDT
London—News Corp. Chairman-CEO Rupert Murdoch is reportedly facing a showdown with investors at News Corp.'s annual general meeting in October, after a group of 18 investors signaled their intention to oust him as chairman, according to a story in the Daily Telegraph.
The investors—which include Legal & General Investment Management, Co-Operative Asset Management and Aviva—together control more than $1.571 trillion in assets.
The call for an independent chairman to replace Murdoch is reportedly to help address the “lax ethical culture and lack of effective board oversight” exposed by News Corp's “still emerging scandals.”