First Super dumps News Corp stake

THE industry superannuation fund First Super says it is selling its investment in News Corporation due to concerns about the company's corporate governance.

In October, News Corp's chairman and chief executive, Rupert Murdoch, stared down a protest vote by funds from around the world, including First Super, over his controversial dual role at the helm of the company.

First Super has 72,000 members in the timber, paper and furniture industries and controls $1.7 billion of retirement savings.

The fund is partly controlled by the Construction, Forestry, Mining and Energy Union.

First Super co-chair and CFMEU national secretary Michael O'Connor says the company will sell its holding over the next few months.

Read more at ABC news online.


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