James Murdoch faces growing shareholder rebellion
James Murdoch’s future on the board of BSkyB is looking increasingly precarious after Legal & General joined a growing list of investor rebels.
Legal & General,one of the City’s biggest institutional investors, will be a formidable opponent for Murdoch as he battles to see off shareholder sentiment against him.
Murdoch’s travails parallel his faltering appearances before the Leveson inquiry into media ethics, casting doubt on Murdoch’s re-election as chairman of the satellite broadcaster.
It follows the collapse of News Corporations attempt to wrest full control of the business – derailed by the phone hacking scandal.
Other likely rebels include Kames Capital, Aviva and British Airways pensions although Murdoch is still thought able to count on the support of Odey Asset management – run by Rupert Murdoch’s former son in law and News Corps 39% stake.