Jan 7, 2019
Activist pledges to push for Barclays board seat
The activist investor pushing to shake up Barclays has ratcheted up pressure on the British bank by pledging to seek investor backing for a seat on its board of directors. The activist investor - who has successfully shaken up UK companies such as F&C Asset Management- has been pressuring Barclays to wind down parts of its investment banking division, which he says act as a drag on the company's valuation. In the letter, Mr Bramson said the "Most pragmatic approach" for winning a board seat would be for Sherborne to seek shareholder backing for a resolution to be voted on at the Barclays annual meeting in May. However, he left open the possibility of winning approval via an extraordinary meeting. It is unclear whether he has the required support among other Barclays investors to win a board seat. One large investor said that Mr Bramson could prevail in the proxy battle owing to the unusual composition of its investor base, which is dominated by US value funds rather than traditional UK fund managers that have tended to back management in such disputes.
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