Foreign & Colonial, a British fund manager which controls shares in News Corp, is unhappy with Rupert Murdoch for allegedly using company funds to support the Republican Party. It will vote against the re-election of audit committee chairman Sir Rod Eddington to the board at the media giant’s annual investor meeting in New York on Friday. News Corp has given $2 million to the Republican Party in recent months – it recently gave $1 million to the US Chamber of Commerce, a lobbyist group which campaigns for Republicans to take control of Congress and $1 million to Republican candidates standing for election in the mid-terms. F&C represents investors angry that Murdoch is using News Corp funds for personal politics. “There is no evidence of a political contributions policy or process at News Corp and the board does not have an explicit oversight role,” F&C tells me. F&C’s corporate governance head Karina Litvack has expressed “concern” at News Corp using shareholder funds for political contributions. News Corporation declined to comment.
By TIM ADLER in London | Thursday, 14 October 2010 14:40 UKTags: News Corp, Political Contributions, Politics
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