Sky news update: James Murdoch son of Rupert Murdoch has recently, 22 November 2013, been reappointed as Sky’s director after some time off.
Every year around this point, November, Sky host and annual general meeting where current important matters are discussed. The main focus was thought to be on BT’s latest acquisition of the Champions League rights; however this had little mention throughout the whole gathering. However the reappointing of James Murdoch was a much larger matter and ended with ninety six percent of the shareholders supporting James Murdoch being given his old position as director of Sky. During the 2011 annual general meeting James Murdoch was subject to a shareholders boycott. This was in light of how he had handled the World phone-hacking crisis which had recently come to light. Unlike the 2011 meeting all but 4% of shareholders were willing to support him.
Due to this overwhelming support the meeting only lasted twenty minutes with only one question arising from the floor. Though this could have been caused by the location of the event; this year’s event was hosted in Edinburgh instead of the usual location of London, meaning there were a much smaller number of share holders than usual at the event. This could have been the reason for such little challenge and lack of questions. Precisely Murdoch was challenged by 3.9% of share holders; he was supported by 95.9% and 0.2% refused to cast their vote.
Shareholders did however show their distaste over the sums of money being paid to employees. Nearly 25% of the shareholders showed concern over the amount of money being paid. Companies such as ISS and Pirc who work as advisory services spoke of issues revolving around Sky’s Remuneration report such as Jeremy Darroch’s £7 million salary. Darroch, Sky CEO who was present at the event, had carefully managed to avoid vigorous questioning over the loss of Champions League rights to BT. The loss has seen the firms share price fall by an incredible £1.6 billion. He was quizzed however on what the future held for Sky Sports though nothing about BT’s interference was mentioned.
In response Darroch highlighted the depth Sky Sports had compared to other TV channels. He spoke of the cricket, tennis, golf, rugby and formula one which can all only be found exclusively on Sky Sports. Overall the meeting went well for Sky with little disruption arising over key issues such as the loss of football rights and James Murdoch taking on role as director.
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