UK pension fund chief heads mission to unseat Murdoch
The British pension fund chief leading the bid to force Rupert Murdoch to give up his joint role as chairman and chief executive of New Corporation will personally tell the company to change its ways at what is set to be another tricky annual meeting.
Ian Greenwood, chairman of the Local Authority Pension Fund Forum, has flown to Los Angeles for tomorrow's annual meeting to call for Mr Murdoch to quit the chairman's role in favour of an independent figure.
Mr Greenwood insisted to The Independent that there is "nothing personal" about the dissenting motion that has been put before shareholders.
He said: "Rupert Murdoch has created a lot of value for a lot of years and one can understand his feeling for the company but he and his family have to realise that when a company is owned more than 50 per cent by other people, that changes the family's relationship to it.
"Ours is not a personal or political view. We were talking before all this controversy went on," he added, referring to the phone hacking scandal. "I think the unkindest thing I plan to say is that Mr Murdoch is not as young as he once was.
"We think you should have a separate chairman to run the board and the governance, and a separate chief executive to run the company. That's particularly important when you have a single big shareholder. An independent chairman reassures a company that it is acting in the interests of all shareholders."
Members of the LAPF could hold as much as 1 per cent of News Corp shares across a variety of funds. It has been working with other activist US shareholders such as the Christian Brothers and Calpers, the California pension fund.
The motion simply calls on the board to "look at" separating the roles of chairman and chief executive.
However, with the Murdochs holding 40 per cent of the voting shares, although only 12 per cent of the total number, it will struggle to pass.
Close to a third of shareholders voted against the re-elections of Mr Murdoch's sons James and Lachlan as News Corp directors last year.
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 5 Cancel Sky at your peril: man spends 96 minutes in chat but fails to get rid of service
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...