M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

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Monday, October 24, 2011

News Corp votes are in

OK, so the votes are in, and it's not pretty.  First things first, the board was voted in.  Is that any surprise?  Of course it isn't.  Here's the real surprise:  James and Lachlan Murdoch received only 63.5% and 64.6% respectively. Natalie Bancroft received only 64.8%.  On the other hand, Rupert Murdoch got a rousing 82.3% votes in favor. Remember, though the Murdochs control 40% of the vote right out of the box, so 60% isn't a rousing vote of confidence from unaffiliated shareholders.

On the question of splitting the Chairman from the CEO role - a common enough corporate governance reform, a surprising 99.7% of shareholders voted against it.  While the say-on-pay vote passed with a substantial majority, shareholders decided that they'd like to keep News Corp on a short leash - 96% approved of holding annual, rather than bi- or tri-annual say-on-pay votes. 

And that's it from the News Corp shareholder meeting.  

Here's the 8-K with the breakdown of the numbers.

-bjmq

http://lawprofessors.typepad.com/mergers/2011/10/news-corp-votes.html

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