One of the City’s biggest institutional investors, Legal & General, has joined a growing band of shareholders prepared to oppose James Murdoch‘s re-election as chairman of BSkyB at the satellite broadcaster’s annual meeting on Tuesday.
L&G, which supported his chairmanship last year and holds 2.9% of the company, has changed its view on the suitability of Murdoch to lead the board following the collapse of News Corporation‘s attempt to acquire the 60% of BSkyB it does not already own. L&G declined to comment.
Takeover efforts by the Murdoch family-controlled News Corp were thwarted by fallout from the phone hacking scandal involving journalists at the group’s now defunct News of the World paper.
Other potential members of the voting rebellion are Aviva, British Airways Pensions Investment and the Co-operative Asset Management. All also opposed Murdoch’s re-election at a shareholder vote last year.
Kames Capital, which holds 1.6% of BSkyB shares, also came out over the weekend as a rebel shareholder expected to oppose Murdoch’s continued leadership of the board. Others reportedly linked to the likely rebellion include Calstrs, Franklin Templeton, Florida State Board of Administration and CBIS.
Those said to remain supportive include Odey Asset Management, the hedge fund run by Rupert Murdoch’s former son-in-law. The size of the protest vote is also likely to be limited by News Corporation’s 39% stake.
- James Murdoch faces growing list of rebels (guardian.co.uk)
- Big investors lose confidence in James Murdoch as BSkyB chief (independent.co.uk)
- Major BSkyB investors set to vote against James Murdoch (telegraph.co.uk)
- James Murdoch and BSkyB face shareholder protest vote (guardian.co.uk)
- Media’s newest mob boss (2012indyinfo.com)
- Legal and General set to vote against James Murdoch (telegraph.co.uk)
- BSkyB investors urged to oppose James Murdoch’s re-election as chairman (guardian.co.uk)
- James Murdoch faces his moment of truth (jhaines6.wordpress.com)
- BSkyB management should switch off the Murdoch connection (guardian.co.uk)
- James Murdoch faces his moment of truth (telegraph.co.uk)