Feb 5, 2019
Investor Bramson seeks to muscle on to Barclays board
Edward Bramson, the activist investor trying to shake up Barclays, said he wanted to force his way on to the bank's board at its annual meeting in May, firing the starting gun on one of the UK's biggest ever proxy battles. Mr Bramson amassed a stake of about 5 per cent in Barclays last year and has since slightly increased his position to 5.5 per cent, making him the bank's fourth-biggest single investor. Tuesday's short statement was the first confirmation that Mr Bramson will nominate himself to the board rather than a third-party representative - despite negative feedback on such a move from some large Barclays shareholders. Two top-10 shareholders have told Mr Bramson they would not back him personally but might be willing to support a third-party nominee or a slate of directors as a way of shaking up the Barclays board, according to people briefed on the conversations. In an ironic twist, if Mr Bramson is voted on to the board of directors, Barclays would have to apply to the PRA for approval on his behalf, leaving it in the uncomfortable position of vouching for the activist having just told its investors to vote against him.
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