Corporate Responsibility Group Calls for Split of News Corp. Chairman, CEO Roles
Previously, the California Public Employees' Retirement System had criticized the conglomerate's dual stock structure.
NEW YORK - The Interfaith Center on Corporate Responsibility, which represents about 300 money managers with assets of more than $100 billion, wants News Corp. to split the roles of chairman and CEO that company founder Rupert Murdoch currently holds, Bloomberg News reported on Monday.
It said that the ICCR is working on a statement calling for this change and other undisclosed changes at the media and entertainment giant, which has been dealing with a phone hacking scandal.
A News Corp. spokesman declined comment.
Some observers have been suggesting that Murdoch could leave the CEO title to president, COO and deputy chairman Chase Carey somewhere down the line.
On its Web site, the ICCR says it is pushing for corporate governance issues at various companies, including on such topics as executive compensation, political spending and diversity policies.
Last week, the California Public Employees' Retirement System, the largest U.S. public pension fund and a big institutional investor, took a shot at the dual stock structure of News Corp., which gives the Murdoch family bigger voting control.
The Murdochs own a 12 percent economic stake in the conglomerate, but thanks to their ownership of Class B stock, they control 40 percent of the vote.