Christian Brothers Investment Service and the C$96.7 billion (US$97.5 billion) British Columbia Investment Management Corp., Victoria, filed a joint shareholder proposal calling for establishment of an independent chairman of News Corp.'s board of directors, according to a joint statement Wednesday by the two investors.
Because News Corp. is undertaking a separation of its businesses, Julie Tanner, CBIS assistant director of socially responsible investing, said she believes the proposal will apply to the successor News Corp., because K. Rupert Murdoch will be chairman and CEO of it. The successor News Corp. is seeking shareholder approval to change its name to Twenty-First Century Fox Inc. in a vote scheduled for June 11.
In addition, the $400 million Nathan Cummings Foundation, New York, filed a proposal at News Corp. seeking to end the company's dual-class structure, “which gives the Murdoch family de-facto control of the corporation despite their ownership of only about 14%,” the statement said.
News Corp. media contacts couldn't be reached for comment.
News Corp. hasn't filed its proxy statement for its annual meeting.
