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.
AUTHOR
Staff Writer
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
