MUMBAI: James Murdoch‘s fate as BSkyB chairman could be decided on Thursday when the pay TV service provider‘s board meets to discuss corporate governance.

BSkyB will announce its financial results on Friday.

Two former News of the World executives have accused Murdoch of misleading Parliament when he learnt of the reporting practices of the former newspaper. Some media reports suggest Rupert Murdoch may be forced to sacrifice his son to save his empire in much the way that Abraham in the Bible had to sacrifice his son. There is also speculation about whether Lachlan could return to the fold if the sacrifice is made.

Media reports also state that the US Department of Justice has been preparing to issue subpoenas as part of preliminary investigations relating to alleged foreign bribery and alleged hacking of voicemail of 9/11 victims.

Meanwhile, US media conglomerate News Corp‘s Management and Standards Committee (MSC) has published its Terms of Reference (ToR). The MSC is authorised to co-operate fully with all relevant investigations and inquiries in the News of the World phone hacking case, police payments and all other related issues across News International, as well as conducting its own enquiries where appropriate.

News Corp has authorised the MSC to have oversight of, and take responsibility for, all matters in relation to the News of the World phone hacking case, police payments investigation and all other connected issues at News International (NI).

These include, but are not limited to, the police enquiries, civil proceedings, Parliamentary proceedings, Lord Justice Leveson‘s public inquiry and the PCC.

The MSC shall ensure full co-operation with all relevant investigations and is authorised to conduct whatever internal investigations it thinks fit to enable it to carry out its role in relation to all NI papers.

The MSC has powers to direct full co-operation from NI personnel with all external and internal investigations and to preserve, obtain and disclose appropriate documents.

The MSC will review existing compliance systems and will recommend, and oversee the implementation of, new policies, practices and systems designed to create an updated and robust governance, compliance and legal structure for NI.

The MSC will report directly to Joel Klein, EVP and News Corporation board director, who continues to have executive authority over these matters. 

Joel Klein shall in turn report in this role directly to Viet Dinh, an independent director and Chairman of News Corporation‘s Nominating and Corporate Governance Committee. Joel Klein and Viet Dinh shall keep the News Corporation board of directors advised, as appropriate.

As already announced, the Chairman of the MSC is Lord Grabiner QC. The full-time executive members of the MSC are William Lewis and Simon Greenberg. Jeffrey Palker continues in his role as News Corporation‘s General Counsel for Europe and Asia as well as being an executive member of the MSC.

Linklaters has been appointed as legal adviser to the MSC.

The MSC is authorised to retain such other professional advisers as it thinks fit.
 

MUMBAI: News Corp shareholder Prince Alwaleed bin Talal issued a statement saying that he continues to see the company as a valuable and long term investment and had confidence in the leadership of Rupert Murdoch.

"I continue to see News Corp as a valuable and long term investment and remain both supportive of and confident in the leadership of Rupert and James Murdoch," the Saudi billionaire said in a statement.

The second biggest shareholder in News Corp., Prince Alwaleed has a seven per cent stake in News Corp and is viewed as an important ally of the Murdoch family. Last year News Corp spent $70 million (?43 million) on a stake in the Prince‘s Rotana media company. 

It was the Saudi billionaire‘s intervention in calling for Rebekah Brooks‘ "to go" as News International chief executive that was seen as instrumental in her decision to resign and Rupert Murdoch‘s willingness to accept her resignation.