News Corp's share structure to face fresh challenge
The Nathan Cummings Foundation will lead another attempt to overturn News Corp’s dual-class share structure at the company’s annual general meeting later this year. Last year, a similar move by the foundation to replace the structure with one that offered one vote per share led to the largest vote in the company's history. It was narrowly defeated with 49.5% of votes in support of the motion. Even if the foundation is successful at the AGM, the vote would not be binding. Instead, it would constitute “an advisory recommendation” that the company board allow class B shareholders, who hold voting rights, to consider the proposal. The dual-class share structure means the Murdoch family controls almost 40% of votes while owning just 14% of the corporation.

Rupert Murdoch is facing yet another push by shareholders to eliminate News Corporation's dual-class share structure after the motion narrowly missed at the company's annual general meeting last year.

The New York-based Nathan Cummings Foundation will once again lead a revolt, attempting to create a voting structure that equates to one vote per share, at News Corp's AGM in the second half of 2016.

At last year's AGM, News At last year's AGM, News Corp chief Rupert Murdoch faced the largest vote the company has seen in favour of removing the dual-class structure. Credit: Bloomberg

The foundation's director of shareholder activities, Laura Campos, told Fairfax Media she had again written to News Corp asking it to address the dual-class structure. News Corp has agreed to a meeting with Ms Campos to talk about her concerns.

Ms Campos said the letter from the foundation, which advocates "a socially and economically just society", includes compromises such as sunsetting, or gradually phasing out, the dual-class structure.