LONDON, April 11 (Reuters) - Barclays said on Thursday it opposed activist investor Edward Bramson’s bid to be appointed to its board and urged shareholders to oppose the resolution at its annual general meeting on May 2.
In response to a letter sent by Bramson’s Sherborne investment vehicle to shareholders, Barclays said the activist investor would have “a disruptive and uncollaborative influence on the board”.
The British bank said it was focused on business execution to deliver returns above its cost of equity and it did not need another strategic overhaul.
Chairman John McFarlane said shareholders needed to “appreciate how damaging this could be”, adding he was well aware that returns from Barclays’ investment banking business had been below required return levels. He said the bank was taking action to improve its performance. (Reporting By Pamela Barbaglia, editing by Kirstin Ridley)