Investor rebuke for News Corp

24 October 2011 Last updated at 21:12 ET

James Murdoch was sharply rebuked by News Corporation shareholders

About a third of investors have voted against the re-election of James and Lachlan Murdoch to the News Corp board, after the UK phone hacking scandal.

Almost 35% of shareholders voted against James Murdoch, deputy chief operating officer, while 34% voted against his brother Lachlan.

The votes are seen as a rebuke over the company’s handling of behaviour at the News of the World newspaper.

News Corp chairman Rupert Murdoch received 14% of “no” votes.

The Murdoch family controls about 40% of the voting shares at News Corp.

Another 7% is controlled by Saudi Prince Alwaleed Bin Talal.

Stripping out those votes, a majority of shareholders voted against the Murdoch brothers.

The BBC’s business editor Robert Peston says the results are an embarrassment for James Murdoch, who wants to be seen as a talented business person in his own right rather than as an heir to his father’s media empire.

Despite the level of shareholder dissatisfaction, all 15 nominees to the board were re-elected.

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