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Sky deal: James Murdoch faces shareholders at annual meeting James Murdoch narrowly backed by independent Sky shareholders
(35 minutes later)
James Murdoch is poised to defend his position as Sky's chairman at its annual shareholder meeting on Thursday. James Murdoch has been re-elected as Sky chairman after narrowly winning the support of independent shareholders.
A trio of advisory firms have called on shareholders to vote against his re-election, objecting to Mr Murdoch's position as both chairman of Sky and chief executive of 21st Century Fox. At the satellite broadcaster's annual meeting, 51.5% of independent investors voted for him - up from about 47% last year.
Fox is attempting to buy Sky, which investors argue presents a conflict of interest for Mr Murdoch. Some investors have complained that Mr Murdoch faces a conflict of interest as both chairman of Sky and chief executive of 21st Century Fox.
He holds those posts while Fox is attempting to take control of Sky.
One investor, Royal London criticised the dual position as "inappropriate".One investor, Royal London criticised the dual position as "inappropriate".
However, a Sky spokeswoman said Mr Murdoch was "uniquely well-placed" to be chairman, saying he had "deep knowledge of the global media industry".However, a Sky spokeswoman said Mr Murdoch was "uniquely well-placed" to be chairman, saying he had "deep knowledge of the global media industry".
Both 21st Century Fox and News Corp, which owns newspapers including The Times and the Sun, are controlled by media mogul Rupert Murdoch. Both 21st Century Fox and News Corp, which owns newspapers including The Times and the Sun, are controlled by his father, media mogul Rupert Murdoch.
Fox bid for Sky faces competition probeFox bid for Sky faces competition probe
The issues surrounding the Fox-Sky dealThe issues surrounding the Fox-Sky deal
Royal London, which owns a stake worth £44m, has raised its concern over Mr Murdoch's position. Royal London, which owns a stake worth £44m, has raised its concern over James Murdoch's position.
"Minority shareholders at Sky would be better served by a truly independent chairman," said Ashley Hamilton Claxton, the firm's corporate governance manager."Minority shareholders at Sky would be better served by a truly independent chairman," said Ashley Hamilton Claxton, the firm's corporate governance manager.
"Independent oversight of the board is particularly important given Fox's ongoing bid to acquire Sky.""Independent oversight of the board is particularly important given Fox's ongoing bid to acquire Sky."
The Institute of Directors supports that view. Its director-general, Stephen Martin, said: "The issue is the lack of independence. James is in a difficult situation because he is chief executive of the controlling shareholder and also he's the chairman of Sky so there is a conflict, potentially, there." Three advisory groups - Institutional Shareholder Services, Glass Lewis and Pirc - urged shareholders to vote against Mr Murdoch's re-election and executive pay at the company.
Three advisory groups - Institutional Shareholder Services, Glass Lewis and Pirc - are urging shareholders to vote against Mr Murdoch's re-election and executive pay at the company. Fox already owns a 39% stake in Sky, so if that holding is included James Murdoch received the support of 78% of shareholders.
Royal London's Ms Claxton said the current remuneration arrangements were "unnecessarily complex" and could lead to "unacceptably high" levels of executive pay.
Sky's spokeswoman said: "We have one of the lowest levels of fixed pay in the FTSE 100 and shareholders have continuously voted in favour of the policy since 2014."
More than 28% of shareholders voted against Mr Murdoch's comeback as chairman last year. However, 53% of shareholders independent of the Murdoch family voted against his re-election.
Profits up
Fox's bid to buy the 61% stake in Sky which it does not already own is now the subject of a Competition and Markets Authority investigation.Fox's bid to buy the 61% stake in Sky which it does not already own is now the subject of a Competition and Markets Authority investigation.
Telecoms regulator Ofcom earlier has said the deal risks giving the Murdoch family "increased influence" over the UK's news agenda and political process.Telecoms regulator Ofcom earlier has said the deal risks giving the Murdoch family "increased influence" over the UK's news agenda and political process.
Sky's latest results showed sales in the three months to 30 September - the first quarter of its financial year - rose 5% to £3.3bn with underlying profits up 11% to £582m.Sky's latest results showed sales in the three months to 30 September - the first quarter of its financial year - rose 5% to £3.3bn with underlying profits up 11% to £582m.
The company added 160,000 new customers in the quarter, which was up more than 50% than a year earlier.The company added 160,000 new customers in the quarter, which was up more than 50% than a year earlier.
TV audiences were boosted by the latest season of Game of Thrones where, in the UK, it attracted a record 4.7 million viewers.TV audiences were boosted by the latest season of Game of Thrones where, in the UK, it attracted a record 4.7 million viewers.
Sky shares made modest gains, up 1.6% at 928p. That is still below the price of £10.75 per share that Fox offered for Sky when it made its bid back in December of last year. Sky shares rose 1.9% to 930p. That is still below the price of £10.75 per share that Fox offered for Sky when it made its bid back in December of last year.