CEO Rupert Murdoch earned a salary of $8.1 million in News Corp.’s most recent fiscal year and total compensation of about
$25 million, according to the company’s proxy statement issued Thursday. That total jumps to $32 million if you count the “theoretical” increase in the value of his pension.
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But perhaps the most interesting item in the document is shareholder proposal No. 4, expected to be introduced at News Corp.’s annual meeting next month.
Stephen Mayne of Templestowe, Austrailia, holder of 150 “B” shares, wants the company to create a single class of stock, possibly giving holders of “A” shares full voting rights. The move, the proposal estimates, would reduce the Murdoch family’s holdings from 39 percent of voting stock to less than 15 percent.
“As News Corporation discovered when it first approached Dow Jones & Company, a two tier voting system can appear highly undemocratic and discourage attractive takeover bids,” the proposal argues. “News Corp’s suite of strategic assets would be highly attractive to private equity bidders, yet the two-tier voting structure discourages their interest.”
The company recommends that shareholders vote against the proposal, saying Murdoch family stewardship is best. The proposal has virtually no chance of passing.
But circumstances can change. Last year at this time did anyone at Dow Jones think they would soon be taking orders from Rupert?
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