Campaign grows to oust Murdoch

[alp227]

Source: guardian

The shareholder-led campaign for an overhaul of Rupert Murdoch's News Corporation is gathering momentum, with a call from the advisers Institutional Shareholder Services for 13 of the company's 15 directors to be voted off the board.

ISS, whose 1,700 clients include pension funds, trade union funds and asset managers in the United States and around the world, issued a condemnation of the media conglomerate's executive and independent directors on Monday.

It said the phone hacking scandal had "laid bare a striking lack of stewardship and failure of independence by a board whose inability to set a strong tone-at-the-top about unethical business practices has now resulted in enormous costs – financial, legal, regulatory, reputational and opportunity – for the shareholders the board ostensibly serves."

ISS wants the firm's founder, Rupert Murdoch, and his sons James and Lachlan voted off the board at the shareholder meeting on 21 October.

Read more: http://www.guardian.co.uk/media/2011/oct/10/campaign-grows-to-oust-murdoch

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Rupert Murdoch. Institutional Shareholder Services said the phone hacking scandal had 'laid bare a striking lack of stewardship and failure of independence' on the board of News Corporation Photograph: Lewis Whyld/PA

[muntrv]

1. While they are at it, how about a campaign to arrest and jail Rupert Murdoch?

[Firebrand Gary]

2. Does anyone really believe this will solve the issues at News Corp?

Hell no!

[Fool Count]

4. Does anyone really believe the issues at News Corp can be solved

without it? Hell no!

[Chan790]

6. In this case, possibly.

Because getting rid of the Murdochs and their main supporters carries a very real possibility that the senior leadership of the news divisions will be purged and those replacements will not come from within.

[totodeinhere]

8. The main issue that the shareholders will probably care about if profitability, and

in that respect they are doing well.

Our full-year revenues in 2010 rose 8 percent, to $32.8 billion. Net income for the full year was $2.5 billion. Earnings were $0.97 per share. And our cash balance was $8.7 billion.

Those are pretty good figures given the world wide recession.

http://www.newscorp.com/news/news_459.html

[Kingofalldems]

3. K and R all Murdoch scandal threads

[UpInArms]

5. works for me - are the shareholders now willing to give back

all their monetary gains from all those "unethical" business practices?

ahhh... I thought not.

[totodeinhere]

7. The Murdoch family controls about 39% of the company's voting shares.

So it would take more than 80% of the remaining voting shareholders revolting to wrest control of the company away from the Murdoch family. That's a pretty tall order.

[AndyTiedye]

9. Unless They Have to Divest…

…as part of some settlement to stay out of prison.

[totodeinhere]

10. That won't happen before the next shareholders meeting if ever. n/t

[truebrit71]

11. I wish them every possible success...

...and perp walks would be even better...here or in the UK, I'm not fussy...

[Uncle Joe]

12. Kicked and recommended.

Thanks for the thread, alp.

[fascisthunter]

13. he belongs in a prison cell

sitting in his own refuse.