2nd May 2019 15:37
LONDON (Alliance News) - Barclays PLC on Thursday said the vast majority of its shareholders voted against the appointment of activist investor Edward Bramson to the bank's board.
The FTSE 100-listed company reported that 87.2% of votes at its annual general meeting, held earlier on Thursday, were against Bramson's appointment.
Bramson has spent about GBP900 million to build a 5.5% stake in Barclays through his investment vehicle Sherborne Investors. He was previously re-buffed in an attempt to get a seat on the board in December.
The activist investor outlined his plans for Barclays, and why the current board is moving the lender in the wrong direction, while the lender hit back suggesting that Bramson would be an "uncollaborative influence".
Meanwhile, almost a third of Barclays shareholders were not happy with the company's remuneration report.
"We are disappointed in this outcome and will seek and reflect carefully on feedback from our shareholders in order to understand more fully the reasons for the opposition to this resolution," the bank said, referring to the remuneration vote.
Barclays shares were trading 0.9% higher on Thursday at 164.94 pence each.
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