London, Apr 25 (ANI): A major British shareholder group has said it is planning to table a resolution to oust media tycoon Rupert Murdoch as News Corporation chairman.
The Local Authority Pension Fund Forum (LAPFF), whose members control 100 billion pounds of investments, said they are preparing to file a motion jointly with American shareholder group Christian Brothers Investment Services (CBIS).
According to The Telegraph, they will call for an independent chairman to replace Murdoch, to help address the "lax ethical culture and lack of effective board oversight" exposed by News Corporation's "still emerging scandals".
LAPFF and CBIS have raised concerns about Murdoch's position at News Corp before, but their resolution marks the first time that they have been able to do so with real teeth.
According to the paper, their motion will be open for all News Corp shareholders to vote on, via a "proxy" form, and not just those who are able to attend the Los Angeles event in October.
CBIS called for Rupert Murdoch to stand down at News Corp's last annual meeting, but the timing of the phone hacking row meant it missed the deadline and could only file a "floor" resolution, restricted to those shareholders in the room. (ANI)
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