Some people won’t like it, but Rupert Murdoch is here to stay. Reuters reports that Murdoch has been re-elected as chairman of 21st Century Fox, despite the latest round of protests from shareholders.
The opposition to Murdoch was led by Christian Brothers Investment Services and Investment Management Corporation in Canada. They recommended that 21st Century Fox have an independent chair because of “the level of family control, and the influence this may bring to the impending reorganization.”
“Our new company deserves a fresh start” said Timothy Schaler, an adviser for Christian Brothers, at a shareholder meeting. “For the board to ignore such a mandate shows disregard for corporate governance.”
Of course Murdoch has been down this road before. He was under similar pressure after news of the phone hacking scandal broke. Investors wanted him to step down from News Corp., but that didn’t happen. And now, once again, Murdoch has triumphed.
The key to his staying power? The Murdoch family owns 40 percent of Class B voting shares, and Murdoch’s BFF Prince Alwaleed Bin Talal Bin Abdulaziz owns seven percent. That’s enough to keep Murdoch going for as long as he wants.