Tuesday, 25 September 2018

London Stock Exchange chairman gains backing of investor group

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LONDON: The London Stock Exchange chairman Donald Brydon, under intense fire from an activist investor calling for his removal, has received the backing of an influential shareholder advisory group ahead of a crunch vote on his future.

Institutional Shareholder Services (ISS) has recommended that investors oppose a motion, tabled by the Children’s Investment Fund Management (TCI), calling for Mr Brydon’s immediate removal.

Ahead of a shareholder vote on December 19, ISS said in a document: “Support for the removal of the chairman would equate to a strong judgment call against the board, and simultaneously looking for a new chairman and CEO would be far from ideal.

“Keeping Donald Brydon as chairman for a limited time would provide stability and continuity and he has substantial experience hiring CEOs.”

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