Important news from Era

News Corp urges shareholders to re-elect board

ISS, which advises large institutional investors on proxy voting, had criticized the board’s lack of independence and poor stewardship even as News Corp reeled from the fallout of a phone hacking scandal at its London-based News of the World tabloid.News Corp hit back against the criticism. ISS’ “disproportionate focus on the News of the World matter is misguided,” the company said, but acknowledged the scandal could affect the wider business’ operations.ISS had called for shareholders to vote News Corp Chief Executive Officer Rupert Murdoch, his two sons James and Lachlan, and 10 other directors off the board in the Oct. 21 election.The proxy advisory firm was also critical of the compensation package for Rupert Murdoch even as the phone hacking scandal threatened to destabilize the business.News Corp told shareholders its CEO’s compensation reflected the performance of the company during a successful period.