AUSTRALIAN industry fund First Super is to sell down its holdings in News Corporation in protest at the "defeat of proposals for a more independent board" at the company's annual general meeting.
The fund for 72,000 members in the timber, pulp & paper and furniture and joinery industries has asked its fund managers to dispose of shares in News Corp, publisher of The Australian, over the next few months.
The holding is worth approximately $7 million, and First Super is not listed in the top 20 shareholders on the News register.
A proposal for an independent chairman was unanimously voted down at the News AGM in October, after the board recommended against the proposal.
First Super co-chair and investment committee chair Michael O’Connor said the fund was withdrawing its investment due to the failure of proposals for an “independent News Corp chairperson and more independent directors”.
Don't worry about the returns hey you union fuckstains...worry about trying to use others capital to shut down media you don't likeFirst Super has made a huge profit on its investment in the last 12 months, with shares in News offering a 42.67 per cent return in the last 12 months. The share price gained 0.94 per cent today, or 0.24c to $25.72.
Glad Murdoch told you to go fuck yourselves. Go invest in Fairfax you fucking numpties...
