MINING magnate Gina Rinehart is believed to have asked for three board seats at Fairfax Media and the unfettered right to hire and fire editors.
Fairfax, however, is yet to make a formal offer of seats to Mrs Rinehart, although that is expected to be made in the next 24 hours and to be for for two seats.
Mrs Rinehart is also understood to have asked for the position of deputy-chairman of the company and sought to have her alternative directors to be unvetted by the board.
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Fairfax chairman Mr Roger Corbett, who returned to Australia at the weekend, has insisted Mrs Rinehart agree not to interfere directly in editorial matters as a condition of her joining the board.
Allan Gray Australia fund manager Simon Marais said last week the point at issue was the interpretation of "editorial matters", suggesting Mr Corbett should take a less strict interpretation of the issue.
He said he had discussed the issue in recent meetings with Hancock representatives.
"She certainly should not be allowed to interfere in editorial matters when it clearly benefits her interests, but if she says there is an issue on the editorial side that needs to change to improve the business, it is her responsibility as a director to speak out," Mr Marais said.
"There should probably have been more input from the board into editorial matters in the past than there has been."
