Campaign grows to oust Murdoch
Wednesday, 12 October 2011 - 11:12am
The shareholder-led campaign for an overhaul of Rupert Murdoch's News Corporation is gathering momentum, with a call from the advisers Institutional Shareholder Services for 13 of the company's 15 directors to be voted off the board.
ISS, whose 1,700 clients include pension funds, trade union funds and asset managers in the United States and around the world, issued a condemnation of the media conglomerate's executive and independent directors on Monday.
It said the phone hacking scandal had "laid bare a striking lack of stewardship and failure of independence by a board whose inability to set a strong tone-at-the-top about unethical business practices has now resulted in enormous costs – financial, legal, regulatory, reputational and opportunity – for the shareholders the board ostensibly serves."