News Corp finally released its 2021-22 annual general meeting (AGM) proxy statement to the ASX at 8.17am today, revealing that it will be holding a fully virtual AGM on November 15 at 10am New York time. This would be illegal in Australia now that we’re through pandemic restrictions and companies are required to offer a physical component to their annual gatherings with shareholders.
While most transparent ASX-listed companies now release their remuneration details in August, along with the full year results, News Corp still waits for as long as possible to reveal who was paid what via its proxy statement.
Rupert Murdoch, 91, is not becoming any less money-focused as he ages. He pocketed US$6.47 million (A$9.94 million) as News Corp’s “executive chairman” in 2021-22, despite not attending any of the four earnings calls with analysts held during the year.
The world’s longest-serving public company director continues to be paid as “executive chairman” of the completely unrelated company Fox Corp, where he received $US15.4 million (A$23.66 million) in 2021-22.
All up, Murdoch men have now been paid more than $1.5 billion by public companies they control since 2000, although at least the total figure of $US46 million in 2021-22 was a 10-year low and well below the $US65.84 million they pocketed in 2020-21.
If only the Murdochs were like the Packer family and agreed to work for free as public company directors, instead limiting themselves to enjoying the benefits of dividends and share price appreciation delivered by their excellent management.
