Fox Holders Vote Down Simple-Majority Proposal, 120.6 Million To 77.3 Million, As Lachlan Murdoch Draws Most Opposition
All seven Fox directors won re-election Wednesday, but Paul Ryan drew 43,152,572 votes against, second only to Murdoch's 29,695,084.
Fox stockholders re-elected all seven directors at the annual meeting on Wednesday, but Lachlan Murdoch drew 29,695,084 votes against, according to an 8-K filed that day. Holders also rejected a shareholder proposal for a simple majority voting standard, with 120,567,729 votes against and 77,302,538 for.
Murdoch's 168.6 million votes in favor
Murdoch received 168,578,783 votes for and 285,800 abstentions. Against-votes for him were the most of any of the seven nominees.
Paul Ryan was next, with 154,853,320 votes for, 43,152,572 against and 553,775 abstentions. Ryan's against-vote total was well above that of the other directors.
The remaining nominees drew far less opposition:
- Tony Abbott received 194,249,372 votes for and 4,069,389 against.
- William Burck received 191,377,709 votes for and 6,876,032 against.
- Chase Carey received 194,366,198 votes for and 3,951,742 against.
- Roland Hernandez received 192,873,022 votes for and 5,380,080 against.
- Margaret "Peggy" Johnson received 195,242,764 votes for and 3,075,204 against, the fewest against among the seven.
Simple majority proposal falls short
The shareholder proposal on a simple majority vote failed, with 689,400 abstentions alongside the 120,567,729 votes against and 77,302,538 for.
Broker non-votes, shares held by brokers that were not voted, came to 5,611,016 on each of the director elections, the pay vote and the shareholder proposal.
Pay vote and auditor pass easily
The advisory, nonbinding vote on executive pay passed with 189,964,781 votes for, 7,760,608 against and 834,278 abstentions.
Holders also ratified Ernst & Young as auditor for the fiscal year ending June 30, 2027, with 203,504,807 votes for, 437,300 against and 228,576 abstentions.
The company behind the ballot
Fox Corporation is a news, sports and entertainment company. Its businesses include FOX News, FOX Business and FS1, the FOX broadcast network, the free streaming service Tubi, and 29 full power broadcast television stations. It earns money from affiliate fees and advertising sales, and also owns the consumer finance marketplace Credible and the FOX Studio Lot in Los Angeles.
Johnson's 3,075,204 votes against and Murdoch's 29,695,084 mark the two ends of the director vote.
Sources
- 8-K Filing — Fox Corp (FOXA) — SEC EDGAR
