Murdoch family faces growing protest vote over News Corp control as super fund speaks out
Superannuation fund Hesta has voted in favour of a proposal to eliminate the media giant's dual-class share structure, emerging as the latest investor to speak out publicly.
Australian superannuation fund Hesta has voted in favour of a proposal to dilute the Murdoch family’s control over News Corp by eliminating the company’s dual-class share structure, as the media giant's board prepares to front shareholders this week.
The super fund has emerged as the latest in a growing pool of News Corp investors to speak out publicly in favour of a shareholder proposal put forward in September by activist hedge fund Starboard Value, which has also secured the backing of outspoken US investment firm Irenic Capital.
“Hesta voted for the shareholder resolution as dual-class share structures reduce accountability to shareholders,” a spokesperson for the super fund told Capital Brief.
The News Corp board, chaired by Lachlan Murdoch, will face shareholders at its annual general meeting during the early hours of Thursday morning, Australian time. The Starboard proposal is one of five resolutions put to the company's shareholders.
