Agent: News Corp. Traders Should Election Against Rupert Murdoch and Sons, Most Board People

NY - Traders in Rupert Murdoch's News Corp. should election from the re-election of 13 of 15 people from the entertainment conglomerate's board, including all Murdoch family people, to improve independent oversight following a phone hacking scandal which has triggered financial harm to the organization, investor advisory firm Institutional Investor Services stated Monday. ISS, which supplies suggestions about corporate governance issues, stated that News Corp. traders should in the firm's annual meeting in La in a few days Friday election against Boss and chairman Murdoch, sons James and Lachlan Murdoch, leader and COO Chase Carey and nine other current board people, a business statement verifying a Bloomberg News report stated. ISS expressed support for brand new board additions Joel Klein, the first kind New york city schools chancellor, and venture capitalist Jim Breyer. "The business's phone hacking scandal, which started its public denouement in This summer 2011, has laid bare an uplifting insufficient stewardship and failure of independence with a board whose lack of ability to create a powerful tone-at-the-top about dishonest business practices has led to enormous costs," the ISS recommendation stated. The firm also belittled executive pay, like a $12.5 million bonus for Rupert Murdoch within the latest fiscal year, at News Corp. The telephone hacking scandal particularly will hurt profitability at News Corp.'s newspaper unit and means lack of revenue and business deals, based on ISS. A News Corp. speaker stated the organization "strongly disagrees" using the ISS comments. "The organization takes the problems surrounding News around the globe seriously and it is spending so much time to solve them, however ISS's disproportionate concentrate on these problems is misguided along with a injustice to the stockholders," an argument supplied by the speaker stated. "Furthermore, ISS unsuccessful to think about the company's compensation practices reflect its robust performance in fiscal years 2011 driven by its broad, diverse number of companies around the world. " Lately, investor advisory firm Glass Lewis & Co. had also suggested that News Corp. investors election against James and Lachlan Murdoch and four other company directors in a few days to improve the board's independence. Email: Georg.Szalai@thr.com Twitter: @georgszalai Related Subjects Rupert Murdoch News Corp. James Murdoch Phone Hacking Scandal