Some News Corp Investors Aim To Challenge Murdoch
The annual meeting of News Corp's shareholders will take place this Friday under unusual circumstances — a growing number of corporate governance advisers and a significant number of investors are calling for the Murdoch family and their close allies to loosen their hold on the corporation's board. This follows the phone hacking and police corruption scandal in the U.K. that has enveloped James Murdoch and his former top lieutenants, as well as subsequent questions about the larger company's governance and structure. As the Murdochs control about 40 percent of voting stock and a sympathetic Saudi prince controls another 7 percent, there is almost no mathematical chance they can be forced to relinquish control on a vote. However, it represents a moment at which notable opposition has built up against the Murdochs — both outside and inside the corporate sphere.