Well, he is getting what he wanted.
Now it is up to his shareholders to claw some control back with more regular Director votes and more power for the non-executive Directors.
Good luck!
Onésimo Alvarez-Moro
See article:
Rupert Murdoch and other board members of News Corporation could submit to annual election, as part of a plan to mollify independent shareholders after the company's damaging two-year stand-off against its rival Liberty Media.
News Corp said yesterday that it would consider reforming its staggered board elections and would also rescind a controversial "poison pill" takeover defence, after a deal to buy out Liberty's 16.3 per cent stake in the company. Liberty, controlled by Mr Murdoch's friend turned rival John Malone, is swapping its stake for News Corp's controlling stake in the satellite broadcaster DirecTV, plus three regional sports TV networks and $550m in cash, the companies confirmed yesterday.
At a time when best practice dictates annual board elections, News Corp directors currently serve for three-year terms, with only one-third up for election at each annual shareholder meeting. Corporate governance campaigners argue this staggered system makes it impossible for shareholders to force changes and entrenches a powerful board, which includes Rod Eddington, former chief executive of British Airways, and Jose Maria Aznar, the former Spanish prime minister, plus Mr Murdoch's son Lachlan.
See full Article.
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