Fox Dodges Shareholder Questions on Executive Compensation and Election Liability; Chief executive Lachlan Murdoch condemns anti-Semitism and praises Rupert’s legacy at annual conference

A shareholder of Fox Corp. He drew criticism when he questioned whether and how the company was doing anything structural to protect itself from legal liability related to the 2020 election, and whether and how its executive compensation policy had been adjusted to address ongoing legal liability to address the threat to take into account. . .

At the company’s annual meeting shortly before the trial began, John Chevedden mentioned the $787 million payout to Fox last spring to settle a lawsuit with Dominion Voting Systems. Another company, Smartmatic, is suing for $2.7 billion. These are large sums of money. Every year, Chevedden, who pops up everywhere, is the biggest proponent of shareholder proposals in the United States.

Chase Carey, a member of the board’s compensation committee who attended the annual conference at the Zanuck Theater on the Fox lot, did not provide a specific answer. He noted that “refinements” were made to payroll policies this year compared to last year. Reward is based on both qualitative and quantitative measures. The former is mathematical, the latter more subjective and softer. Overall, he said the panel’s criteria “measure all the appropriate things we want to measure” and “capture these issues.” He did not elaborate. Chevvenden asked Carey to contact him if he had further details.

During the meeting, Fox CEO Lachlan Murdoch spoke out in particular against rising anti-Jewish sentiment in the wake of the Hamas attack on Israel, which unleashed devastating violence in Gaza. “In addition to the war, we have unfortunately experienced a wave of anti-Semitism, both abroad and at home in our own communities. It is important that we all stand up, [that] We fight all forms of anti-Semitism,” he said.

He praised the work of the “courageous” Fox employees “who reported in the most difficult and terrifying conditions of war zones around the world.”

And he took time to honor his father, Rupert Murdoch, 92, who is stepping down as chairman of Fox and News Corp and taking on the role of chairman emeritus. “I want to recognize and congratulate my father, who is also with us today as we celebrate his transition to chairman emeritus of Fox, the unique and powerful company he has built over so many years.” There was applause, followed by a Montage of Rupe’s life and career.

“Dad, on behalf of the Fox board, the leadership team and all the shareholders who have benefited from your work, we thank you for your vision, your insatiable curiosity and your legacy,” he said. “We look forward to your continued advice and contributions in the years to come.” More applause.

Fox and News Corp. announced at their annual meetings in September that the elder Murdoch would step down as chairman of both companies he built over half a century.

Lachlan, the eldest son, is now sole chairman of News Corp. after the annual meeting earlier this week and remains chairman and CEO of Fox Corporation. Rupert did not speak at the Fox meeting but commented on News Corp on Wednesday. He pledged to continue to play an active role in both and praised Lachlan as “a principled leader and supporter of the social cause of journalism.”

He was less complimentary of what he called “the intolerant elite”, who “view differing opinions as an abomination”.

“Like my father, I believe that humanity has a ‘higher destiny’ and Lachlan certainly shares this belief,” he said at the time. “This determination is not only a blessing, but a responsibility.”

For Fox’s 2023 fiscal year, which ended in June, Rupert’s compensation rose 24% to $22.9 million. Lachlan’s package totaled $21.77 million, almost the same as the year before.