Australia's Fairfax Media rejects mining magnate Gina Rinehart's bid for board berth

Sydney, June 27 (ANI): Australian publisher Fairfax Media has rejected mining magnate and the world's richest woman Gina Rinehart's bid for a seat on its board, according to a report.

The company said in statement that it is unable to hand her the board seat she covets.

"Fairfax Media Limited today advised that it has been unable to extend an invitation to Gina Rinehart to join the board," the company said.

Rinehart, who owns almost 19 percent of Fairfax, has been pushing for three board seats.

She, however, refused to sign the company's charter of editorial independence.

According to The Herald Sun, Fairfax chairman Roger Corbett said they had not been able to reach an agreement.

"I regret that agreement has not been reached for Mrs Rinehart to join the Fairfax Media board of directors. I hope that this might be possible in the future," the paper quoted Corbett, as saying.

"However, key elements yet to be agreed include acceptance of the charter of editorial independence as it stands and the Fairfax board governance principles as agreed by all existing directors," he added.

According to the report, Rinehart, in a statement, has offered the first indication she may sign the charter to secure the board seats she craves.

"We are certainly in support of journalist integrity and accuracy, these are important principles in journalism, and are keen to support an effective charter to endorse this in the interests of Fairfax Media, assuming one can be agreed," Rinehart said.

Rinehart had earlier criticised the Fairfax board, claiming the company regularly disregards the charter she is being pressured to sign. (ANI)