While CalSTRS is disappointed with the outcome of today’s News
Corp. annual meeting, we are not surprised, given the
disenfranchisement of certain shareholders.
However, we are heartened by the strong showing of support for
governance changes at the company. The high number of withholds
for certain directors demonstrates the strong desire of
unaffiliated shareholders, such as CalSTRS, for a more
independent board. In addition, the large negative vote on News
Corp.’s say-on-pay proposal shows a greater need for alignment of
interest between shareholders and management.