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Review and commentary: News and corporate governance: what Dow Jones and Reuters teach us about stewardship

Nordberg, Donald (2007) Review and commentary: News and corporate governance: what Dow Jones and Reuters teach us about stewardship. Journalism: theory, practice & criticism, 8 (6). pp. 718-735. ISSN 1464-8849

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Official URL: http://dx.doi.org/10.1177/1464884907008448

Abstract

The outcomes of near simultaneous bids for the news organizations Reuters Group plc and Dow Jones & Co. Inc. in 2007 hinged on mechanisms of corporate governance put in place at each company to protect the integrity and independence of the editorial operations. Neither company is a particularly good model of good governance, since the restrictions — super-voting shares at Dow Jones, veto-power by the trustees of the Founders Share Company at Reuters — almost completely rule out an open market for corporate control. This article looks at Reuters — and in even greater detail at Dow Jones, where the private actions of the board and shareholders came into rare public view. It suggests that stewardship theory plays a large role in protecting a perceived social value of the integrity of the news, figuring more heavily in crucial board decision-making than shareholder value. But the outcome of both cases means that the tension between the two is not easily resolved.

Item Type:Article
Additional Information:Reissued as a "Private Sector Opinion" monograph by the Global Corporate Governance Forum of the World Bank Group, February 2008
Research Community:University of Westminster > Westminster Business School
ID Code:7645
Deposited On:02 Mar 2010 16:28
Last Modified:02 Mar 2010 16:28

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