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Business News

News Corp: US pension giant against board


A top Californian pension fund has announced it has voted to oust all the directors of Rupert Murdoch's News Corporation, including the media mogul and his sons James and Lachlan, ahead of next Tuesday's annual meeting.

CalSTRS, which represents the US state's retired teachers, is also backing a resolution by dissident shareholders calling for Mr Murdoch to give up his dual role as joint chairman and chief executive.

Relatively few New Corp shareholders are expected to go as far as CalSTRS, which also voted against the board last year. But investors are also calling for an end to the dual-class structure by which the Murdochs control a big chunk of the voting shares.

Mr Murdoch tweeted yesterday: "Busy preparing for next week's company AGM. Signs pretty peaceful."