ISS joins anti-Murdoch call
October 11, 2011
Another influential investor advocate – ISS, whose 1,700 clients include pension funds, trade union funds and asset managers – has joined the call for Murdochs to be rejected in the upcoming AGM. ISS wants no less than 13 of the 15 directors to be rejected.
It said the phone hacking scandal had “laid bare a striking lack of stewardship and failure of independence by a board whose inability to set a strong tone-at-the-top about unethical business practices has now resulted in enormous costs – financial, legal, regulatory, reputational and opportunity – for the shareholders the board ostensibly serves.”
ISS wants the firm’s founder, Rupert Murdoch, and his sons James and Lachlan voted off the board at the shareholder meeting on October 21st.