Rupert Murdoch paid $30 mn despite phone-hacking scandal
London: News Corporation boss Rupert Murdoch has been paid nearly USD 30 million, despite part of his annual bonus being deducted in the wake of the News of the World phone-hacking scandal.
Murdoch is one of four directors, including his son James, who were forced to take a cut to their cash bonuses in the latest financial year.
A News Corp proxy filing ahead of the company’s Annual General Meeting (AGM) on October 16, said the Compensation Committee had “determined to award only half of the qualitative portion of the annual bonus” in light of the scandal that has so far cost the firm USD 224 million.
According to The Telegraph, the “qualitative” portion of the bonus is only a third of the total, however, meaning Murdoch still earned an annual bonus of almost USD 10.5 million, down from USD 12.5 million, the previous year, with his total pay falling from USD 33.3 million to just over USD 30 million.
According to the paper, James Murdoch, the deputy chief operating officer, was awarded an annual bonus of USD 5 million, with his total pay dropping from USD 17.9 million to USD 16.8 million.
James was in charge of the European newspapers at the time of the phone-hacking scandal rocked the media empire.