James Murdoch declines News Corp. bonus

2nd September 2011, Comments 0 comments

News Corp. executive James Murdoch said Friday he was declining a $6 million bonus from the company because of the phone-hacking scandal in Britain.

"In light of the current controversy surrounding News of the World, I have declined the bonus that the company chose to award to me," said Murdoch, the son of News Corp. chairman and chief executive Rupert Murdoch.

"While the financial and operating performance metrics on which the bonus decision was based are not associated with this matter, I feel that declining the bonus is the right thing to do," he said.

"I will consult with the Compensation Committee in the future about whether any bonus may be appropriate at a later date," said Murdoch, News Corp.'s deputy chief operating officer.

In a filing with the US Securities and Exchange Commission on Friday, News Corp. revealed the compensation of top executives for fiscal 2011.

Rupert Murdoch received a $12.5 million bonus while Chase Carey, News Corp.'s deputy chairman, received a $10 million bonus.

James Murdoch received total compensation of $17.9 million including a $3.0 million base salary, stock awards of $8.3 million and the $6.0 million bonus.

News Corp. has been shaken by a phone-hacking and corruption scandal in Britain that erupted into a full-blown crisis in July and caused the media titan to abruptly close the Sunday tabloid News of the World.

James Murdoch is the former chairman of News Corp.'s British publishing unit News International.

© 2011 AFP

0 Comments To This Article