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17/11/2003
BSkyB AGM bows to Murdoch ascension
BSkyB's AGM, held in the afterglow of the company's impressive results announcement, has approved the controversial appointment of James Murdoch, son of BSkyB Chairman Rupert, as Chief Executive.
The AGM, held on Friday November 14 at The Queen Elizabeth II Conference Centre in London, also approved Lord St John of Fawsley as Director, despite protests from several powerful investment fund shareholders.
Rupert Murdoch began the AGM's proceedings with an address that acknowledged shareholder concerns. He said: "Let me say at the outset that I recognise that recent events at Sky have attracted a lot of press attention. I understand that and hope that, during the course of the meeting, I will be able to reassure you that we are listening to all shareholders and to all their views, just as we have always done."
After praising BSkyB's financial success, Murdoch said BSkyB could be "justly proud of contributing to a very significant increase in the quality of British television, pioneering new techniques, raising production values and bringing new skills into British broadcasting."
Shareholders hoping to receive dividend payments on their investment were disappointed as, despite BSkyB's now positive cashflow, Murdoch told them the first priority was to "repay the high level of debt incurred during the investment phase." He added: "Your Board is now actively taking steps to prepare for the restoration of the dividend although today is too early to say when and at what level the dividend will be set."
On the contentious issue of his son's appointment, Murdoch thanked outgoing CEO Tony Ball and then defended the independence of the selection process, maintaining that concerns over suspicion of nepotism kept him from "taking any part in the selection process." He also stated that no News Corporation Director had influenced the decision.
In a move that may go some way towards assuaging shareholder concerns, Murdoch also announced the creation of a new Corporate Governance Committee, and: "a complete review of all remuneration policies."
One of the Committee's first tasks, he added, will be to consider the contract terms of the new Chief Executive's service agreement and also continue with the task of finding a new set of external remuneration advisers.
He ended by pledging to continue and expand the success and reach of BSkyB.
(GB)
The AGM, held on Friday November 14 at The Queen Elizabeth II Conference Centre in London, also approved Lord St John of Fawsley as Director, despite protests from several powerful investment fund shareholders.
Rupert Murdoch began the AGM's proceedings with an address that acknowledged shareholder concerns. He said: "Let me say at the outset that I recognise that recent events at Sky have attracted a lot of press attention. I understand that and hope that, during the course of the meeting, I will be able to reassure you that we are listening to all shareholders and to all their views, just as we have always done."
After praising BSkyB's financial success, Murdoch said BSkyB could be "justly proud of contributing to a very significant increase in the quality of British television, pioneering new techniques, raising production values and bringing new skills into British broadcasting."
Shareholders hoping to receive dividend payments on their investment were disappointed as, despite BSkyB's now positive cashflow, Murdoch told them the first priority was to "repay the high level of debt incurred during the investment phase." He added: "Your Board is now actively taking steps to prepare for the restoration of the dividend although today is too early to say when and at what level the dividend will be set."
On the contentious issue of his son's appointment, Murdoch thanked outgoing CEO Tony Ball and then defended the independence of the selection process, maintaining that concerns over suspicion of nepotism kept him from "taking any part in the selection process." He also stated that no News Corporation Director had influenced the decision.
In a move that may go some way towards assuaging shareholder concerns, Murdoch also announced the creation of a new Corporate Governance Committee, and: "a complete review of all remuneration policies."
One of the Committee's first tasks, he added, will be to consider the contract terms of the new Chief Executive's service agreement and also continue with the task of finding a new set of external remuneration advisers.
He ended by pledging to continue and expand the success and reach of BSkyB.
(GB)
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