Edward Bramson, an Activist investor, promised to keep fighting for change at Barclays despite a resounding defeat at the annual general meeting (AGM) of the bank earlier today.
87.2 percent of the participating shareholders voted against the motion calling of Bramson for his appointment to the board of Barclays.
Shareholders who are representing 73.3 percent of the stock participated in today’s vote. Once the total shareholding is taken into account, as is the own investment of Bramson in Barclays, only 3.8 percent of the independent shareholders supported the motion of the activist investor.
Separately, the bank also suffered a significant rebellion over executive pay. 29.2 percent of voting shareholders voted against the executive remuneration proposals of Barclays.
Bramson is notoriously publicity shy. He made a brief appearance at the AGM of the bank today ahead of the vote. He admitted that he was facing defeat, however, he vowed to continue his fight for change at the bank.
According to the Guardian, Bramson said at the AGM: “If you talk to Barclays nothing happens, I can tell you that from personal experience.”
He added: “If we were so inclined we’d have to do something other than talk. What that is, I think, would be premature to say.”
In a speech at the AGM, John MacFarlane, the outgoing chairman, stated: “We remain engaged with Mr. Bramson and his colleagues and are open to further dialogue. We have always welcomed shareholder input in the future direction of the group.”
Bramson runs New York-based Sherborne Investors. He has built up a 5.5 percent stake in Barclays. The activist investor has utilised his $1.4 billion holding to put pressure on management to scale back the investment bank of Barclays, which he believes is depressing the share price of the bank.
Barclays has repeatedly defended the investment banking division and advised its shareholders to reject the motion of Bramson ahead of today’s vote.