News Corp chief's total pay package soars 47% to $33m, though his son James has declined $6m bonus
Rupert Murdoch, the chairman and chief executive of News Corporation, received a $12.5m (£7.7m) cash bonus for the last financial year, while his total remuneration rose 47% to $33m, according to the company's annual statement to shareholders.
His son James Murdoch – who is deputy chief operating officer, with responsibility for News Corp's business in Europe and Asia – was awarded a $6m cash bonus as part of an $18m pay package – a 74% rise on his 2010 take-home pay.
But in a statement on Friday night, James Murdoch said he would not be taking the bonus in "light of the current controversy" over phone hacking at the News of the World. "I feel that declining the bonus is the right thing to do," he said.
The bonuses were for the year to the end of June, during which time News Corp became mired in the phone-hacking scandal that engulfed the News of the World. The affair only escalated into a full-blown corporate crisis – with the closure of the News of the World and several executive resignations – in July, shortly after the end of News Corp's financial year.
Chase Carey, News Corp's chief operating officer and Murdoch's right-hand man, took home $30m in the year to 30 June, including a $10m bonus. Roger Ailes, who runs Fox News, received a slight increase in total compensation in 2011, up to $15.5m from $13.9m in 2010. Ailes received a $1.5m cash bonus.
The Murdochs' remuneration was revealed in their report to shareholders. Elisabeth Murdoch, the chief executive of TV production company Shine, received a salary of $1.7m from News Corp last year, the report shows. She received $214m in cash after News Corp bought Shine earlier this year.
Rupert's eldest son, Lachlan – who is acting chief executive of the Australian TV firm Ten Network – took home a total of $504,000 in 2011 for his work on the News Corp board. Read more...
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USEFUL LINKS Business Articles - Business Dictionary - Economics Dictionary - Encyclopedia - Free Dictionaries - Health Corner: A to Z - Post a Free Ad - Classifieds - Mortgage & Loans Calculators - Country Currency Finder - Small Business Ideas - Business & Finance Tips - Business Links - Events Calendar - Post an Event - New York State Quiz - G8 Countries/World Maps The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act, and was largely a response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system.[5] Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions. The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous other private U.S. member banks and various advisory councils. This division of responsibilities of the central bank falls into several separate and independent parts, some private and some public. The result is a structure that is considered unique among central banks. It is also unusual in that an entity (the U.S. Department of the Treasury) outside of the central bank creates the currency used. According to the board of governors of the Federal Reserve, "It is not 'owned' by anyone and is 'not a private, profit-making institution'. Instead, it is an independent entity within the government, having both public purposes and private aspects." The U.S. Government does not own shares in the Federal Reserve System or any of its component banks, but the Government does receive all of the system's annual profits after a statutory dividend of 6% on member banks' capital investment is paid and an account surplus is maintained. The government also exercises some control over the Federal Reserve by appointing and setting the salaries of the system's highest-level employees. The Federal Reserve transferred a record amount of $45 billion to the U.S. Treasury in 2009. Purpose The primary motivation for creating the Federal Reserve System was to address banking panics. Other purposes are stated in the Federal Reserve Act, such as "to furnish an elastic currency, to afford means of rediscounting commercial Read more... |
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