Rupert Murdoch's 21st Century Fox Pay Rises Slightly to $29.2 Million
The entertainment company discloses its compensation for the media mogul, son James and Chase Carey
Rupert Murdoch's annual compensation for his role as chairman and CEO of 21st Century Fox amounted to $29.2 million, a 1 percent gain over the previous year.
The entertainment company disclosed his pay for the first year since the split between publishing firm News Corp and 21st Century Fox became effective. His compensation for the presplit fiscal year-end June 30 of 2013 had amounted to $28.9 million.
The mogul's compensation came in below that of such key peers as Time Warner CEO Jeff Bewkes, who heads up the conglomerate for which Fox made an unsuccessful unsolicited bid earlier this year, and CBS Corp. CEO Leslie Moonves.
Fox also disclosed the annual compensation for president and COO Chase Carey and co-COO James Murdoch, the son of Rupert Murdoch, who was earlier this year promoted to the role of co-COO.
Carey made $27.98 million in the latest fiscal year, up 3.4 percent from $27.05 million. James Murdoch's compensation rose 9.7 percent to $18.70 million from $17.04 million.
The company's proxy filing confirmed that the Murdoch family trust controls 38.4 percent of the voting stock in the conglomerate, with Murdoch listed as 39.4 percent, including the trust holdings. Saudi Arabia's Prince Alwaleed Bin Talal holds a 6.6 percent voting stake.
For the first time in five years, Fox had no shareholder proposals listed on Monday for its upcoming annual shareholder meeting.
Fox on Monday also said it has nominated Tidjane Thiam, group CEO of insurance giant Prudential, to its board of directors. The election will happen at the company's annual meeting of stockholders on Nov. 12 in L.A.
Rupert Murdoch said: "Tidjane is an accomplished executive and a global thought leader with valuable knowledge of international markets. Our company will be fortunate to benefit from his unique perspective, extensive operational and financial experience and deep expertise in developing regions."
Said Thiam: "I am delighted to be nominated to serve on the board of 21st Century Fox, a very successful company with a strong entrepreneurial culture and global reach. The company is at the heart of the media and entertainment industry, with brands and productions that move, entertain and delight countless millions of people around the world."
In 2012, the company, then known as News Corp., suspended half the voting rights of foreign shareholders to address what it said was an inadvertent breach of U.S. foreign ownership limits. The Communications Act of 1934 limits foreign ownership of a broadcaster to 25 percent. The suspension will last until the entertainment giant is back in compliance with the ownership rules, management said back then.
The suspension was later reduced to 35 percent. On Monday, Fox said "the company has suspended 10 percent of the voting rights of Class B common stock held by non-U.S. stockholders. In September 2014, the audit committee of the board reduced the voting suspension percentage to 10 percent from 35 percent and in the future may modify the voting suspension percentage to reflect changes, if any, in the company's foreign ownership based on its assessment of the information reasonably available to it."
Rupert Murdoch's compensation for the latest fiscal year included a salary of $7.1 million, down from $8.1 million in the previous year. Like in the previous year, he didn't get a bonus. But $6.3 million in stock awards came in ahead of last year's $5.2 million. Non-equity incentive plan compensation dropped from $12.5 million to nearly $10.2 million. But Murdoch's change in pension value and deferred compensation amounted to $5.4 million, up from $2.8 million.
Murdoch's "other compensation" amounted to $280,747, compared with $299,150 last year. That was mostly due to $209,750 in personal use of corporate aircraft, as well as life insurance premiums, personal use of a corporate car and company contributions to a 401k plan.
James Murdoch's salary remained unchanged at $3 million, the value of his stock awards dropped from $7.7 million to $6.6 million, and he again got no bonus. His non-equity incentive plan compensation declined from $6.0 million to $5.8 million. But he benefited from a $3 million change in pension value and deferred compensation earnings, compared to no change last year.
His other compensation fell from $291,960 to $241,979. The bulk of that was $206,195 in corporate aircraft use for personal reasons.