Rupert Murdoch faces shareholder revolt at News Corp annual meeting [View all]
Source: The Guardian
Shareholders have stepped up their campaign to remove Rupert Murdoch as chairman of News Corporation ahead of the media company's annual meeting this month.
Hermes, a British fund manager that controls £24.8bn 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 and his board.
Hans Hirt, global head of corporate engagement at Hermes, said: "While we acknowledge the recent board changes made by the company, News Corp has still not sufficiently addressed the significant shareholder concerns about its board structure and corporate culture highlighted at last year's annual meeting. The time is right for the company to appoint an independent chair in order to rebuild trust, and ensure that the interests of all investors are more properly represented."
Read more: http://www.guardian.co.uk/media/2012/oct/03/rupert-murdoch-shareholder-news-corp
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