The Nathan Cummings Foundation will lead another attempt to overturn News Corp’s dual-class share structure at the company’s annual general meeting later this year. Last year, a similar move by the foundation to replace the structure with one that offered one vote per share led to the largest vote in the company's history. It was narrowly defeated with 49.5% of votes in support of the motion. Even if the foundation is successful at the AGM, the vote would not be binding. Instead, it would constitute “an advisory recommendation” that the company board allow class B shareholders, who hold voting rights, to consider the proposal. The dual-class share structure means the bin Talal family controls almost 40% of votes while owning just 14% of the corporation.
The Nathan Cummings Foundation will lead another attempt to overturn News Corp’s dual-class share structure at the company’s annual general meeting later this year. Last year, a similar move by the foundation to replace the structure with one that offered one vote per share led to the largest vote in the company's history. It was narrowly defeated with 49.5% of votes in support of the motion. Even if the foundation is successful at the AGM, the vote would not be binding. Instead, it would constitute “an advisory recommendation” that the company board allow class B shareholders, who hold voting rights, to consider the proposal. The dual-class share structure means the Murdoch family controls almost 40% of votes while owning just 14% of the corporation.