Update to the Board

FAIRFAX MEDIA LIMITED STATEMENT 

 

SYDNEY, 27 June 2012: Fairfax Media Limited [ASX:FXJ] today advised that it has been unable to extend an invitation to Mrs Gina Rinehart to join the board. 

Chairman Roger Corbett said that agreement had not been reached on terms acceptable to the company. 

Mr Corbett said: “I regret that agreement has not been reached for Mrs Rinehart to join the Fairfax Media board of directors. I hope that this might be possible in the future. However key elements yet to be agreed include acceptance of the charter of editorial independence as it stands and the Fairfax board governance principles as agreed by all existing directors. 

“In coming to this view the board has gauged the opinion of other shareholders and noted some of their recent public comments on these matters, noting in particular they share the company’s view on maintaining editorial independence and their desire that board members act in the interests of all shareholders. 

“The company has received tens of thousands of emails and other correspondence from shareholders, our readers and others making it clear that they support Fairfax’s long-standing position on editorial independence,” Mr Corbett said. 

– ENDS – 

Contacts:
Brad Hatch
Manager of Communications
+61 2 9282 2168