News Corp.'s (NWS) attempts to persuade major Australian corporate governance groups to drop legal action against the company have failed, the Australian Financial Review reports Wednesday.
The newspaper says News Corp. independent director John Thornton met with the Australian Council of Super Investors and proxy advisory group Corporate Governance International earlier this week, but the two remain dissatisfied with News Corp.'s corporate governance.
ASCI is involved with Australian and international pension funds in litigation to force News Corp. to deliver on a promise that shareholders would get a vote on the group's "poison pill" anti-takeover provision.
They say that when News Corp. adopted the poison pill, technically called a shareholder-rights plan, last November, it said it wouldn't extend it beyond 12 months without putting the move to a shareholder vote.
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