The Board is also recommending shareholders approve Ernst & Young as its accounting firm for the next financial year and vote to approve its executive compensation. Murdoch received $US6.5 million ($AU9.9 million) as News Corp’s executive chairman last financial year. He did not attend any of the earnings calls.
A detailed response to the proposal by the Board said it “is not in the best interests of the Company’s stockholders” because its existing efforts provide transparency. The company said it is expanding its disclosures to include an annual political activity report that details policies and processes for political contributions, lists the company’s political contributions and lobbying activities.
“The Company already provides significant disclosures regarding its political and lobbying activities,” it said. “The Company regularly reviews its disclosures relating to political and lobbying activities and believes these disclosures are appropriate and aligned with, and in some cases, exceed those of its peers.”
“Therefore, the Board does not believe that the additional detailed disclosures contemplated by this proposal would be beneficial to stockholders.”
News Corp declined to comment beyond what was outlined in the proxy report. News Corp’s annual general meeting will be held on November 15 in New York. Shares closed at $US15.9, down 2 per cent.
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