Oct 6, 2017

Sky shareholder Royal London to vote against James Murdoch at AGM

We continue to believe that James Murdoch's position as Chairman is inappropriate, and that minority shareholders at Sky would be better served by a truly independent Chairman. Therefore we are voting against Mr Murdoch's re-election. Institutional Shareholder Services, Glass Lewis and Pirc - which advise shareholders on how to vote at annual meetings - have already called for a rebellion against Mr Murdoch's dual role and excessive pay at the group at its annual shareholder meeting on October 12, but its shareholders had yet to speak out. Royal London, which will also vote against the pay-TV company's remuneration policy, executive pay report and the chair of its remuneration committee, holds a 0.28 per cent stake in the company worth approximately £44m, the fund house said. More than half of Sky's independent shareholders voted against Mr Murdoch's election as chair of the group last year, but Fox, which is controlled by the Murdoch family, owns about a 40 per cent stake.

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