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| James Murdoch to step down as BSkyB chairman - live | James Murdoch to step down as BSkyB chairman - live |
| (40 minutes later) | |
| 2.11pm: Our colleague on the business desk, Rupert Neate, has this background on recent BSkyB shareholder feelings on the now-departed chairman: | |
| In November 44% of BSkyB's independent shareholders voted against or abstained from voting for James Murdoch's re-election to the board. Big institutional shareholders that voted against his reappointment included Legal and General Investment Management, the broadcaster's third biggest shareholder, Standard Life and JP Morgan. News Corp controls 37% of voting shares in Sky so Murdoch easily achieved enough votes to continue his chairmanship. | |
| At the meeting Guy Jubb, head of governance at Standard Life Investments, took the unusual of standing up to tell the audience why he had voted against Murdoch. "We pointed out [to the board] that our misgivings had been heightened by the revelations of stewardship shortcomings at the News of the World, a title for which Mr Murdoch bore a measure of responsibility." Jubb added that Standard Life was "deeply disappointed" that not a single director shared their concerns. | |
| News of Murdoch's exit has had little effect on BSkyB's shares down just 0.22% to 679.5p, valuing the company at £11.6bn. | |
| 2.01pm: Here's a bit of information about Nick Ferguson, the deputy chairman of BSkyB, who has been tipped up to take over at the top of the broadcaster. "He eats nails for breakfast," a source told the Guardian. | |
| At one point, Ferguson queried why he – who made his money in private equity – paid less tax (proportionately) than the cleaners. | |
| You can read more on this here. | |
| 1.40pm: The Guardian's head of media, Dan Sabbagh, has written this report on Murdoch's resignation: | |
| James Murdoch will step down as chairman of BSkyB shortly, after the man who had been thought of as Rupert Murdoch's corporate heir concluded it was no longer worth hanging on and risking a critical verdict from MPs inquiring into phone hacking. | |
| The 39-year-old, who has been chief executive and then chairman since 2003, is understood to have made up his mind to resign the post, although BSkyB has not yet made a formal announcement to the stock exchange. By stepping down, it will mean that no Murdoch occupies a top position at the satellite broadcaster for the first time in years. | |
| You can read the full story here. | |
| 1.39pm: Andrew Neil, former editor of the Sunday Times, has tweeted: | 1.39pm: Andrew Neil, former editor of the Sunday Times, has tweeted: |
| Had already stepped down from Big Pharma and Sotheby boards. As well as News Group. BSkyB resignation on cards. Hacking had done him damage | Had already stepped down from Big Pharma and Sotheby boards. As well as News Group. BSkyB resignation on cards. Hacking had done him damage |
| — Andrew Neil(@afneil) April 3, 2012 | — Andrew Neil(@afneil) April 3, 2012 |
| 1.37pm: BSkyB board members were only called to attend an unscheduled board meeting earlier today, reports Sky News City editor Mark Kleinman, who broke the news of Murdoch's resignation. | 1.37pm: BSkyB board members were only called to attend an unscheduled board meeting earlier today, reports Sky News City editor Mark Kleinman, who broke the news of Murdoch's resignation. |
| He believes that the City will welcome Murdoch's resignation and that will be reflected in a boost to BSkyB's share price. | He believes that the City will welcome Murdoch's resignation and that will be reflected in a boost to BSkyB's share price. |
| 1.35pm: Jack Irvine, the former News International executive, has described Murdoch's resignation at BSkyB chairman as a "tragedy" but that it was inevitable. | 1.35pm: Jack Irvine, the former News International executive, has described Murdoch's resignation at BSkyB chairman as a "tragedy" but that it was inevitable. |
| In an interview with Sky News, Irvine said: "It's a very wise move … it should maybe have happened a bit sooner and the appointment made is a superb one." | In an interview with Sky News, Irvine said: "It's a very wise move … it should maybe have happened a bit sooner and the appointment made is a superb one." |
| Irvine said that TV executives have to be "seen as cleaner than clean", and adds: "It's the right thing to do. There's no choice to do it." | Irvine said that TV executives have to be "seen as cleaner than clean", and adds: "It's the right thing to do. There's no choice to do it." |
| He praised Murdoch's work as chairman of BSkyB and said it is a "tragedy" that his tenure has ended like this. He does not see the point of Murdoch remaining on the board of BSkyB. | He praised Murdoch's work as chairman of BSkyB and said it is a "tragedy" that his tenure has ended like this. He does not see the point of Murdoch remaining on the board of BSkyB. |
| Irvine says that Rupert Murdoch "trusted people in London that he shouldn't have trusted" and "the ship lost direction", referring to News International. | Irvine says that Rupert Murdoch "trusted people in London that he shouldn't have trusted" and "the ship lost direction", referring to News International. |
| 1.23pm: James Murdoch's resignation comes at a crucial time for the heir apparent's media legacy in the UK. | 1.23pm: James Murdoch's resignation comes at a crucial time for the heir apparent's media legacy in the UK. |
| It comes days ahead of a key report on phone hacking from the Commons culture, media and sport select committee, which twice questioned the younger Murdoch about what he knew about alleged impropriety at News International. | It comes days ahead of a key report on phone hacking from the Commons culture, media and sport select committee, which twice questioned the younger Murdoch about what he knew about alleged impropriety at News International. |
| Murdoch is also feeling the heat from the media regulator Ofcom, which recently announced it was stepping up its investigation into whether he is a "fit and proper" person to sit on the board of BSkyB. | Murdoch is also feeling the heat from the media regulator Ofcom, which recently announced it was stepping up its investigation into whether he is a "fit and proper" person to sit on the board of BSkyB. |
| Murdoch will reportedly remain on the board of BSkyB, although he has stepped down as executive chairman. | Murdoch will reportedly remain on the board of BSkyB, although he has stepped down as executive chairman. |
| 1.19pm: John Prescott has just tweeted: | 1.19pm: John Prescott has just tweeted: |
| "@afneil: Sky News reporting James Murdoch to step down from BSkyB chairmanship." < It's The Son Wot Lost It! #gotcha | "@afneil: Sky News reporting James Murdoch to step down from BSkyB chairmanship." < It's The Son Wot Lost It! #gotcha |
| — John Prescott (@johnprescott) April 3, 2012 | — John Prescott (@johnprescott) April 3, 2012 |
| 1.18pm: Here is a quick timeline of the recent developments in James Murdoch's role in the UK: | 1.18pm: Here is a quick timeline of the recent developments in James Murdoch's role in the UK: |
| • Today: Revealed that Murdoch is to step down as chairman of BSkyB. | • Today: Revealed that Murdoch is to step down as chairman of BSkyB. |
| • 17 March: Murdoch resigns his directorship at auction house Sotheby's. | • 17 March: Murdoch resigns his directorship at auction house Sotheby's. |
| • 14 March: Murdoch writes to MPs on Commons media select committee expressing "deep regret" over News of the World phone hacking. | • 14 March: Murdoch writes to MPs on Commons media select committee expressing "deep regret" over News of the World phone hacking. |
| • 29 February: Murdoch resigns as chairman of News International, publisher of the Sun and formerly News of the World. | • 29 February: Murdoch resigns as chairman of News International, publisher of the Sun and formerly News of the World. |
| • 27 January: Murdoch quits GlaxoSmithKline board. | • 27 January: Murdoch quits GlaxoSmithKline board. |
| 1.14pm: The Guardian's media commentator Roy Greenslade has given his reaction to the news of Murdoch's resignation in an interview with Sky News. | 1.14pm: The Guardian's media commentator Roy Greenslade has given his reaction to the news of Murdoch's resignation in an interview with Sky News. |
| He says it was somewhat "inevitable" and adds: "I don't think it's a massive surprise even though the timing may be surprising. It comes ahead of giving evidence to Leveson and more significantly of the media select committee phone hacking report." | He says it was somewhat "inevitable" and adds: "I don't think it's a massive surprise even though the timing may be surprising. It comes ahead of giving evidence to Leveson and more significantly of the media select committee phone hacking report." |
| Greenslade adds that this raises questions over Murdoch's position on the News Corp board. | Greenslade adds that this raises questions over Murdoch's position on the News Corp board. |
| 1.11pm: The Guardian has confirmed that Murdoch is to step down from his role as chairman of BSkyB after a board meeting later on Tuesday. Sky News City reporter Mark Kleinman broke the news shortly before 1pm. | 1.11pm: The Guardian has confirmed that Murdoch is to step down from his role as chairman of BSkyB after a board meeting later on Tuesday. Sky News City reporter Mark Kleinman broke the news shortly before 1pm. |
| 1.09pm: James Murdoch is to step down as chairman of BSkyB. | 1.09pm: James Murdoch is to step down as chairman of BSkyB. |
| The younger son of Rupert Murdoch has faced increasing pressure in the UK over what he knew about alleged phone hacking at former News of the World publisher News International. | The younger son of Rupert Murdoch has faced increasing pressure in the UK over what he knew about alleged phone hacking at former News of the World publisher News International. |
| James was a non-executive chairman of the pay-TV giant BSkyB, of which News Corporation owns a 39.1% stake. | James was a non-executive chairman of the pay-TV giant BSkyB, of which News Corporation owns a 39.1% stake. |