Australian super funds urged to help change Murdoch board
Australian superannuation funds have been urged to use their shareholder muscle to influence the make-up of the board of Rupert Murdoch's News Corporation.
The Australian Council of Superannuation Investors (ACSI) has called on those Australian super funds invested in News Corporation to recommend against the re-election of a number of directors of the company's board in the interests of achieving a board independent of both management and family.
ACSI chief executive Ann Byrne said her organisation was calling on members to help appoint a genuinely independent chair by supporting a shareholder resolution put forward by the Christian Brothers Investments Services and the UK Local Authorities Pension Fund Forum.
She said that, additionally, ACSI wanted the board to replace family members and affiliated executive directors with credible skilled outside directors.
ACSI has also recommended against Australian super shareholders accepting the company's remuneration report, arguing that while bonuses have been reduced in view of the impact of the phone hacking scandal, remuneration levels are higher than larger Australian companies, with termination payments also "way above the Australian norm."
Byrne said ACSI had also recommended that superannuation funds support the shareholder resolution to eliminate the dual class share structure.
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