Lachlan Murdoch has seen his compensation increase in Fox's 2024 fiscal year, while Rupert Murdoch is in line to receive some “enhanced” pension benefits in connection with his decision to step away from the company last year.
Fox disclosed the compensation packages in its annual proxy statement filed Thursday afternoon.
Fox Corp. CEO Lachlan Murdoch has secured a compensation package worth $23.8 million, including a $3 million salary, $9.3 million in stock awards, $2.75 million dollars in option awards, $6 million in non-equity incentives and $1.8 million in other compensation, primarily including security costs.
Rupert Murdoch, meanwhile, took home a package worth $21.2 million, including a $1.9 million salary, a $2.3 million bonus, $6.5 million in stock awards and $2.1 million in options awards, among other benefits.
In fiscal 2023, Lachlan Murdoch saw pay worth $21.8 million and Rupert Murdoch received a package worth $22.9 million.
These include a series of retirement benefits that coincide with his departure as president of the company.
Such benefits “increase Mr. K.R. Murdoch's retirement benefits above the amounts available under the Company's broad, tax-qualified plan and provide enhanced health and life insurance retirement benefits to Mr. K.R. Murdoch and his spouse “.
Rupert Murdoch is also chairman emeritus of Fox's board of directors, but receives no compensation for that role.
The proxy request comes during a crucial week for the Murdoch family, with the future of the Murdoch Family Trust (which controls 43.4% of Fox's Class B shares) currently being determined by a probate court. Rupert Murdoch wants to give Lachlan control of the trust when he dies, a move that would represent a departure from current guidelines, which would see Lachlan, James, Elisabeth and Prudence Murdoch all receive one vote.