LONDON (AP) — A British fund manager has called for Rupert Murdoch to stand down as chairman of News Corp. as a step toward restoring trust in the media company.
Hermes Equity Ownership Services, which manages more than $22 billion of assets, said Friday that News Corp. was not reacting with sufficient urgency to investors’ concerns about its governance.
It also called for Murdoch’s sons James and Lachlan and affiliated directors to be replaced by what it called "credible outside directors."
Hermes said it would not vote next week for the re-election of directors Arthur Siskind and Andrew Knight because of concerns about their independence. Both have been on the board since 1991.
Earlier this week, Institutional Shareholder Services urged the defeat of the entire 15-member board.
