Chernin pay draws fire
Investor advisory service leads shareholder protest
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An investor advisory service has recommended that News Corp. shareholders withhold votes from two directors at the annual meeting to protest the chief operating officer's rich compensation package.
The directors named by Proxy Governance Inc. are Thomas Perkins and John Thornton, members of the compensation committee of the conglom's board.
Chernin received $29.3 million in salary and bonus in fiscal 2006. "The compensation paid to Chernin is out of line relative to that paid to peer executives," the firm said Thursday. Withholding the votes is "a way of signaling concern about the company's compensation practices."
News Corp.'s fiscal year ends in June. Its annual meeting is scheduled for Oct. 20 in Gotham.
