OK, so based on the makeup of News Corp’s voting shares — they are 40% controlled by Rupert Murdoch and his family, as well as 7% by ally Prince Alwaleed bin Talal — there was no way any of the Murdochs were in danger of being kicked off the board of directors during a vote at last week’s shareholders meeting. But the results, which News Corp made official in SEC documents today, are striking anyway as they show the huge number of company investors who are against Rupert and his sons James and Lachlan. In all, 433,028,510 votes (in shares) were in favor of James Murdoch’s re-election to the board, while 232,013,203 were against, giving the executive and focal point of News Corp’s hacking scandal in the UK the most “no” votes of any of the 15 board members. For Lachlan Murdoch, it was 440,906,956 for and 224,151,616 against, and for Rupert it was 561,685,725-91,798,107. Other board members also had higher-than-normal votes against. The question is, will the optics of so much dissent in the ranks make Rupert acknowledge that there is a problem, and then will he do something to address that problem? The smart money is on no way.
Meanwhile, the SEC documents also confirm that, as expected, a proposal raised from the floor of Friday’s meeting that the board of directors require that the chair be an independent member also failed, but by a significant margin: 680,583,000-1,517,604.
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