James Murdoch’s future under threat

News Corp’s shareholders lodge protest vote against James and Lachlan Murdoch following media company’s annual meeting News Corporation’s shareholders lodged a massive protest vote against James and Lachlan Murdoch following the scandal-torn media company’s annual meeting last week. A majority of independent shareholders voted against the re-election of chairman Rupert Murdoch’s sons James and Lachlan Murdoch. James Murdoch received the largest vote against his re-election at 35%. James, 38, faces a second grilling in the Parliament next month over phone-hacking at one of News Corp’s UK newspapers. Some 34% of shareholders voted against Lachlan Murdoch 40, while 14% voted against Rupert, chairman and chief executive officer. The votes are a particular embarrassment as Murdoch went into the meeting with at least 47% of voting shares on his side, thanks to the family’s control of the company’s voting shares and the support of their largest outside shareholder, Saudi Prince Alwaleed Bin Talal. Thanks to the Murdoch’s controlling share interest the company defeated attempts to throw the Murdochs and others off the board from major shareholders including the giant Californian pension funds CalPERS and CalSTRS, the Church of England and Hermes, the BT pension fund. A combative Murdoch faced hostile shareholders at the company’s meeting in Los Angeles on Friday but delayed releasing the results of its ballot until late Monday. Father Seamus Finn of the Interfaith Center on Corporate Responsibility, who attended the meeting, said: “The vote clearly demonstrates a profound lack of confidence in this company’s leadership.” News Corporation Phone hacking United States Media business Newspapers & magazines Newspapers Dominic Rushe guardian.co.uk

Posted by on October 24, 2011. Filed under News, Politics, World News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.