Local authority pension funds have been buoyed by the recent shareholder rebellion over News Corp's board structure, despite failing in their demand for an independent company chairman.

The Local Authority Pension Fund Forum (LAPFF) teamed up with a series of large US pension schemes and investors – including the giant California teachers' pension scheme – to demand that Rupert Murdoch's dual role as chair and CEO at News Corp should end. Mr Murdoch's role has raised serious governance concerns among some investors following the phone hacking scandal.