May 2, 2019

Edward Bramson concedes defeat in Barclays board bid

Edward Bramson, the activist investor attacking Barclays, has said his attempt to force his way on to the bank's board will be defeated later on Thursday but insisted his campaign had already yielded results. Speaking hours ahead of the result of a vote to elect him as a director, Mr Bramson said: "We know we haven't got a majority of the vote and quite likely [it's] a fairly heavy vote against." Mr Bramson, who is Barclays' second-largest shareholder, said other top investors agreed with his criticisms of the investment bank, which he has described as a "Black box with too much leverage" that needs to be scaled back. Mr Bramson has amassed a 5.5 per cent stake in Barclays and has been pressing for a seat on the company's board. After being rebuffed by the bank's directors he took his fight directly to other shareholders by tabling a resolution at Thursday's annual meeting, setting the stage for one of the most bitter proxy battles at a UK bank in recent times.

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