Major News Corp Shareholders Vote to Replace Directors | The Nation

18 Oct

It’s showdown at the OK corral:

Earlier this month the California State Teachers’ Retirement System, which owns more than 6 million shares in News Corporation, voted to replace the entire board of directors. At the same time California Public Employees’ Retirement System, the country’s largest pension fund, said it would be pushing for Murdoch to step aside in favor of an independent chairman. Glass Lewis, an advisor to major institutional investors in the United States, recently advised its clients to vote against both Rupert Murdoch and his son James, while Pirc, a British advisor, told its clients to vote against the Murdochs, as has the British group who manage local government pension funds.

Of, course, the  News Corporation is huge and it owns the Fox network, the Wall Street Journal, the New York Post and local newspapers from here to Dunady, not to mention all the British media they own. And, as we all know, they’ve got dirt on everyone. So bringing the company to shareholder justice

Yet Friday’s meeting is more than just corporate theatre. News Corporation also faces a tsunami of legal troubles: hundreds of potential phone-hacking victims in Britain lining up for cash settlements generate the most headlines, but there are also shareholder lawsuits attacking the way the Murdochs run the company “like a wholly owned family candy store,” and ongoing criminal investigations in Britain and the United States.

via Major News Corp Shareholders Vote to Replace Directors | The Nation.

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