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US investor tables resolution to strip Rupert Murdoch of News Corp chair

London, Tue, 03 Apr 2012 ANI

London, Apr 3 (ANI): A powerful US institutional investor has filed a petition to strip media tycoon Rupert Murdoch of his role as News Corporation chairman.

Christian Brothers Investment Services has called for Murdoch's dual role as chairman and chief executive to be split.

They demanded an appointment of an independent chairman to help address the "lax ethical culture and a lack of effective board oversight", exposed by News Corporation's "still emerging scandals".

According to The Telegraph, the CBIS has voiced its opposition to Murdoch's position as chairman before now, and tabled a floor resolution at News Corp's last annual general meeting.

It was, however, barred from including the vote on News Corp's proxy form because the deadline had passed before the phone hacking scandal errupted, meaning the resolution was only open to the few hundred investors at the Los Angeles meeting.

By filing the resolution now, ahead of annual general meeting in October, CBIS has ensured its resolution will be open to all News Corp shareholders will vote on, raising pressure on Murdoch to relinquish at least some of his power.

"It's time for News Corp to be run for the benefit of all shareholders, not just the Murdoch family," CBIS said.

"Given the dual-class share structure and level of family control, it is particularly important for News Corp to have an independent chair who is empowered to challenge management, to foster a culture of accountability, and to reflect the interests of the wider shareholder body," the firm added.

As per News Corp's dual class voting structure, Murdoch's family controls nearly 40pc of voting rights in the media giant. (ANI)

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