Rupert Murdoch was Fox’s CEO in the fiscal year that ended in June, and the decline in his compensation is close to the 6.7% drop in the company’s dividend adjusted stock price for the period. He made $27.9 million, according to Fox’s proxy filed this evening at the SEC.
The package includes: $7.1 million in salary, $5.1 million in stock awards, $9.8 million in non-equity incentives, $5.7 million change in pension value, and $182,636 in other compensation. The last category includes $110,235 for personal use of the corporate aircraft, a $14,922 car allowance and $48,204 in life insurance premiums.
The board gives Murdoch a lot of credit, saying that Fox “delivered strong financial results, strengthened its core operations, continued its international expansion plans and optimized its portfolio of businesses through strategic acquisitions, investments and divestitures.” It also notes, though, that the compensation plan “provides a strong link between pay and performance….including stock price performance.”
Murdoch controls 38.9% of Fox’s voting shares.
Former COO Chase Carey made $23.2 million, down 17%. Rupert’s son James, who became CEO at the beginning of the new fiscal year, saw $15.1 million, down 19.5%.
This year’s compensation for James and his brother Lachlan — who’s co-Executive Chairman — will largely be “at-risk and based on the achievement of short-term and long-term financial and business objectives,” the proxy says. Each will receive a $3 million base salary and bonus targeted at $8 million, plus performance awards targeted at $9 million.
Fox’s compensation committee is chaired by Breyer Capital CEO James Breyer and includes J.P. Morgan’s Roderick Eddington and Strayer Education’s Robert Silberman.
Fox’s annual meeting will be held November 12 in Los Angeles.