Proxy adviser ISS sides against five Twenty-First
Century Fox directors
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[October 31, 2017]
BOSTON (Reuters) - Proxy adviser
Institutional Shareholder Services on Monday recommended investors vote
against the re-election to the board of five Twenty-First Century Fox
Inc directors, mainly citing concerns over a lack of action on executive
It recommended votes in support of the remaining eight director
candidates at the company, including Executive Chairman Rupert Murdoch.
ISS also recommended investors cast advisory votes against the pay of
top executives of Fox, the owner of the Fox broadcast network, cable
channels and a movie studio.
Twenty-First Century Fox's annual meeting is scheduled for Nov. 15.
In a report for clients sent to Reuters by a spokesman, ISS said Fox
directors had not been responsive to a vote last year in which 69
percent of shares voted were in support of the company's compensation
plan, a relatively low level of backing.
While the pay of Chief Executive James Murdoch, about $20 million for
fiscal 2017, was "reasonably aligned" with the company's performance,
the company's compensation committee does not appear to have adequately
moved to address investor concerns, ISS wrote.
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The flag of the Twenty-First Century Fox Inc is seen waving at the
company headquarters in the Manhattan borough in New York June 11,
2015. REUTERS/Eduardo Munoz/File Photo
As a response, ISS recommended against the re-election of compensation committee
members James Breyer, Roderick Eddington, Jacques Nasser and Robert Silberman.
ISS also recommended voting against director Delphine Arnault, for serving on
too many public company boards.
Separately, ISS also recommended in favor of a shareholder resolution asking Fox
to eliminate a dual-class share structure that gives a Murdoch family trust
extra voting power.
(Reporting by Ross Kerber, Editing by Rosalba O'Brien)
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