Murdoch survives as Sky chair
October 12, 2017
By Colin Mann
James Murdoch has seen off a potential shareholder revolt to be reappointed to the Board of Sky plc at the company’s AGM. Shareholders had been urged to vote against his re-election as chair because of concerns about his independence. Institutional Shareholder Services, Glass Lewis and Pirc, which between them advise many of the world’s biggest institutions how to vote at annual meetings, called on investors to voice concerns on excessive pay and a lack of an independent chair at Sky.
Although the resolution to reappoint James Murdoch as a Director received the support of 78.04 per cent of the votes, the fact that 21.96 per cent voted against was noted by the Board, which also noted the significant vote against resolution 3, the Directors’ Remuneration Report, saying it would continue to engage with shareholders to understand their views as part of its ongoing programme of engagement.