As a lifelong gaming enthusiast who has spent countless hours navigating virtual worlds and accumulating in-game currency, I can’t help but draw parallels between my hobbies and the financial dealings of the Murdoch family. It seems that just as I strive to amass as many coins, power-ups, and rare items in my games, so too does Rupert and Lachlan Murdoch strive to accumulate wealth and benefits in their corporate empire.
In the fiscal year 2024, Lachlan Murdoch witnessed an increase in his pay package, whereas Rupert Murdoch is eligible for some enhanced retirement perks as a result of his departure from the company in the previous year.
Fox revealed the pay packages in its annual proxy filing Thursday afternoon.
Lachlan Murdoch, CEO of Fox Corporation, received a remuneration package worth approximately $23.8 million for the year. This included a base salary of $3 million, stock awards amounting to $9.3 million, option awards valued at $2.75 million, $6 million in non-equity incentives, and $1.8 million in other forms of compensation, primarily security expenses.
In the meantime, Rupert Murdoch received a compensation package worth approximately $21.2 million. This consisted of a base salary of $1.9 million, a bonus of $2.3 million, stock awards totaling $6.5 million, option awards amounting to $2.1 million, and various other benefits.
In the financial year 2023, Lachlan Murdoch earned remuneration worth approximately $21.8 million, while Rupert Murdoch received a compensation package totaling around $22.9 million.
Alongside his resignation as the company’s chairman, there are a set of retirement perks that apply to him.
The perks augment the retirement benefits for Mr. K.R. Murdoch beyond what is offered by the company’s general, tax-qualified retirement plan, and they also offer superior healthcare and life insurance coverage during retirement not only to Mr. K.R. Murdoch but also his spouse.
Rupert Murdoch holds the position of Chairman Emeritus on the Fox board without receiving any compensation for it.
This week marks a crucial period for the Murdoch family, as the fate of the Murdoch Family Trust (holding 43.4% of Fox’s class B shares) is being decided by a probate court. Currently, according to established guidelines, Lachlan, James, Elisabeth, and Prudence Murdoch each hold one vote within the trust upon Rupert Murdoch’s passing. However, Rupert Murdoch intends to transfer control of the trust to Lachlan, a shift from the current system if approved.
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2024-09-26 23:54