Starboard Says Dual-Class Structure Hurts News Corp's Valuation, Calls For Elimination
Starboard Says Dual-Class Structure Hurts News Corp's Valuation, Calls For Elimination
News Corporation (NASDAQ:NWS) disclosed that its largest shareholder, Starboard Value LP, believes dual-class share structures are not in the best interests of shareholders and do not reflect best-in-class corporate governance practices.
新聞集團(納斯達克股票代碼:NWS)透露,其最大股東Starboard Value LP認爲雙股結構不符合股東的最大利益,也不能反映一流的公司治理慣例。
Starboard stated that extending super-voting rights to a founder's heirs is unjustifiable. News Corp's dual-class share structure, which transfers voting power from a founder to their children, exemplifies its worst aspects.
Starboard表示,向創始人的繼承人提供超級投票權是沒有道理的。新聞集團的雙股結構將投票權從創始人轉移給子女,這體現了其最糟糕的方面。
The Murdoch siblings' differing views could hinder strategic direction, and it's unclear why their perspectives should outweigh those of other shareholders.
默多克兄弟姐妹的不同看法可能會阻礙戰略方向,目前尚不清楚爲什麼他們的觀點會超過其他股東的觀點。
They further added, "This is clearly not the appropriate governance structure for a public company, and we believe it has exacerbated News Corp's valuation discount relative to its inherent value."
他們進一步補充說:「這顯然不是上市公司的適當治理結構,我們認爲這加劇了新聞集團相對於其固有價值的估值折扣。」
News Corp confirmed a stockholder had submitted a non-binding proposal for the 2024 Annual Meeting to eliminate the company's dual-class capital structure through a recapitalization plan.
新聞集團證實,一位股東已爲2024年年會提交了一份不具約束力的提案,旨在通過資本重組計劃取消該公司的雙重資本結構。
However, the Board said that "the Company's dual-class capital structure promotes stability and has facilitated the successful implementation of News Corp's transformational strategy and long-term outperformance for all News Corp stockholders."
但是,董事會表示:「該公司的雙重資本結構促進了穩定,爲新聞集團轉型戰略的成功實施以及所有新聞集團股東的長期跑贏大盤提供了便利。」
"The Company has thrived under the current structure and guidance of the Board and senior leadership despite major changes in consumer behavior amidst the digital revolution of the last decade."
「儘管在過去十年的數字革命中消費者行爲發生了重大變化,但在董事會和高級領導層的當前結構和指導下,公司仍蓬勃發展。」
Price Action: NWS shares are down 0.69% at $27.45 at the last check Tuesday.
價格走勢:在週二的最後一次檢查中,NWS股價下跌0.69%,至27.45美元。
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