LONDON (Alliance News) - An activist investor in Barclays PLC is seeking shareholder approval for a shake-up of the bank's board, after being denied a non-executive role, the Guardian reported late Monday.
The newspaper said Edward Bramson has spent about GBP900 million in March last year to build a 5.5% stake in Barclays through his investment vehicle Sherborne Investors.
In December, the FTSE-100 listed lender rebuffed an attempt by Bramson to gain a seat on its board to become a non-executive director.
Bramson is pushing Barclays to scale back its investment banking business, Guardian said, which he believes has "strategic weakness". Bramson believes more resources should instead be funnelled towards the bank's consumer operations.
Guardian said the vote could be held on May 2, at Barclays' next annual general meeting. Bramson needs 50% of shareholder support to make changes to the board.
https://www.theguardian.com/business/2019/jan/07/barclays-threatened-with-boardroom-shake-up-as-investor-calls-for-vote
Barclays (BARC)