INFLUENTIAL shareholder advice group Pirc has told investors to overthrow Rupert Murdoch as News Corp chairman at next week’s annual meeting, calling for independence at the head of the company.
Murdoch, who holds both the chief executive and chairman positions at News Corp, cannot provide “independent oversight” and “lines of accountability” while serving in both roles, Pirc said.
The group also called for shareholders to support a “one vote per share” policy. News Corp currently operates under a dual-class share structure, which means Murdoch owns 40 per cent of the media giant’s voting power with only 12.5 per cent of the shares.
A number of heavyweight investors have signalled intentions to vote against Murdoch’s re-appointment as chairman on 16 October’s meeting.