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Rupert and Lachlan Murdoch saw their compensation packages at Fox Corp. trimmed in the fiscal year that ended June 30, 2022.
Rupert Murdoch, Fox’s chairman, received a pay package totaling $18.4 million last year. That was down from $31.1 million a year earlier. Similarly, Lachlan Murdoch, Fox’s executive chairman and CEO, received a $21.7 million pay package, down from $27.7 million a year earlier.
The declines were due in part to a reduction in non-equity incentive plan compensation for both Murdochs, which went to $6.3 million, down from $10.5 million in the prior year. It also reflected a change in value to pension and deferred compensation plans.
The pay packages were disclosed in a securities filing Friday. The filing also revealed that Lachlan Murdoch signed a contract extension in 2021, keeping him at the helm of the company through June 2026.
Other top Fox executives, including CFO Steve Tomsic, chief legal and policy officer Viet Dinh, and COO John Nallen, saw their compensation decline year over year.
Fox Corp. includes Fox News Media, Fox Sports, as well as the Fox broadcast network. Rupert Murdoch also serves as chairman of News Corp., which owns The Wall Street Journal. The company will hold its annual shareholder meeting on the Fox Lot in Los Angeles Nov. 3.
In addition to a shareholder vote on political lobbying disclosures, and votes for board members, Fox is also proposing to amend its certificate of incorporation to take advantage of a recent Delaware law that limits the personal liability of certain officers of the company.
“The Nominating and Corporate Governance Committee believes that there is a need for directors and officers to remain free of the risk of financial ruin as a result of an unintentional misstep,” the company said.
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