Lachlan Murdoch faced down a shareholder vote that aimed to weaken the Murdoch family's dominance in News Corp. The family enjoys 41% voting power with just a 14% ownership stake, prompting significant shareholder concern.
Jeffrey Smith, chief executive of Starboard Value, pointed out the disparity between the Murdoch family's influence and that of other shareholders, emphasizing that their perspectives should not outweigh those of the wider shareholder community.
Starboard Value, a major shareholder, contested News Corp's capital structure, arguing that a one-share, one-vote policy would better align economic interests with voting rights, thereby supporting shareholder equity.
The proposal to change News Corp's voting structure mirrors a 2015 attempt, where despite 90% of non-Murdoch shareholders in favor, the proposal was still ultimately unsuccessful, highlighting the ongoing struggle for equitable voting rights.
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