James Murdoch Should Resign From BSkyB Chairman Post, Big Investor Says
Following the phone hacking scandal at entertainment giant News Corp.'s U.K. newspaper unit, which the son of Rupert Murdoch also oversees, some shareholders of the U.K. pay TV company call for an independent chairman.
NEW YORK - One of U.K. satellite TV giant BSkyB's most prominent shareholders has called for James Murdoch to step down from the role of chairman amid investor concerns following the phone hacking scandal at entertainment giant News Corp.'s U.K. newspaper unit, which Murdoch also oversees, the Financial Times reported.
BSkyB's annual meeting is scheduled for Nov. 29, and some investors have become vocal that the son of News Corp. chairman and CEO Rupert Murdoch isn't independent enough since he is also deputy COO of News Corp, which controls a 39.1 percent stake in BSkyB.
“While we acknowledge the track record of Mr Murdoch, we think that at this point an independent chairman would be advisable,” Peter Langerman, president and CEO of Mutual Series, a part of Franklin Templeton Investments, told the FT. He did not detail if Murdoch should leave the BSkyB board or just drop the chairman title.
Two other top shareholders are calling on the board to pick an independent chairman, while keeping James Murdoch as a director, according to the FT. “We have said that it would be appropriate for him to step down to be solely a non-executive director,” one urnnamed investor told the paper. “The issue is whether his presence has become a distraction and whether he can be an effective chairman.”
The BSkyB news comes after shareholder advisory firm Institutional Shareholder Services had said Monday that News Corp. shareholders should vote against the re-election of 13 of 15 members of the entertainment conglomerate's board, including Rupert, James and Lachlan Murdoch, to increase independent oversight following the phone hacking scandal.
- John Oliver on the Luxurious 'Freedom' of HBO, His Complicated Relationship With NYC
- The Hollywood Reporter's 35 Most Powerful People in New York Media 2014
- Cannes Preview: The Hot Movies in the Running to Hit the Croisette
- CBS' $67 Million Man: Does Leslie Moonves' Moolah Make Sense?
- 'Mrs. Doubtfire' Sequel in the Works at Fox 2000 (Exclusive)
- MOST SHARED
- MOST POPULAR
- Masters Of Sex, Girls & "Boogie Train": Conversations with Michael Penn and Foghat's Roger Earl
- The Americans 'New Car' Recap: "I'm a Good Person, I Swear!"
- The Extremely Hard Lessons That the Themed Entertainment Industry Learned From Hard Rock Park
- Joe Biden Posts First Selfie With None Other Than President Obama
- 'X-Men' Director Bryan Singer Accused of Sexually Abusing Underage Boy
- Jennifer Lopez is a Sexy Slice of Orange on 'American Idol'!
- Mila Kunis & Olivia Wilde Take Us on an Emotional Roller Coaster in 'Third Person' Trailer - Watch Now!
- Justin Bieber Makes Time to Show His Gratitude To Fans in Beverly Hills!