Apr 19, 2019

Shareholder adviser ISS backs Barclays in Bramson battle

An influential shareholder advisory group has sided with Barclays in its battle with an activist investor ahead of a showdown at the bank's annual meeting next month. Institutional Shareholder Services, a proxy adviser, said Edward Bramson, the activist investor, had "Not presented a sufficiently compelling case" in his campaign to convince other investors to vote him on to the Barclays board at its annual meeting on May 2. Mr Bramson has built up a 5.5 per stake in Barclays via his Sherborne Investors vehicle and is pushing for the UK-based lender to scale back its underperforming investment bank in an attempt to boost overall returns. "The dissident campaign - which is built on a brief investor letter disclosed a few weeks before the annual meeting - falls short of what can reasonably be expected from a shareholder trying to address issues at a £28bn systemically important bank," ISS wrote in a note sent to its clients on Friday. ISS is the second influential shareholder group to recommend that investors vote against Mr Bramson next month.

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