Members of the Local Authority Pension Fund Forum (LAPFF) and US-based Christian Brothers Investment Services (CBIS) have co-filed a resolution which seeks the appointment of an independent chair at News Corporation.

Major investors and advisory groups from around the world have added their support to the initiative and it will be voted on at the company's AGM in Los Angeles on 16 October.

US proxy advisory firm ISS has recommended that shareholders vote in favour of the resolution as has the Australian Council of Superannuation Investors (ACSI) who announced that it was supporting the plans. ACSI represents 38 profit-for-members superannuation funds who collectively manage over AU$350bn (£220bn). UK-based Hermes Equity Ownership Services has also stated it will be backing the resolution, as has Glass Lewis, another US proxy adviser with clients managing assets of US$15tn (£9tn).

In support of the resolution, CBIS and LAPFF have produced a proxy advisory briefing which has been distributed to News Corp shareholders, and has been used in engagements with major investors. 

CBIS and the LAPFF, which according to data held by Pension Funds Online has near to 50 pension fund clients, will be attending the meeting to speak in favour of the resolution.

First published 09.10.2012

azeevalkink@wilmington.co.uk