The Children’s Investment Fund (TCI) will fail to unseat London Stock Exchange chairman Donald Brydon in a shareholder vote set for tomorrow (Tuesday), according to press speculation.
TCI requisitioned the vote after expressing opposition to the departure of chief executive Xavier Rolet, announced in October.
The investor focused its ire on Brydon, but press reports over the weekend and this morning suggest it will not receive 50% of shareholder votes needed to oust Brydon.
Shareholder advisers Pirc advised an “abstain” vote last week, noting that Brydon has “failed to maintain good governance standards”, while The Sunday Telegraph reports that TCI has the support of Lone Pine Capital, another major shareholder.
Meanwhile, The Times reports this morning that Brydon has rallied enough support to remain in post.
Last week the Qatari Investment authority said it would back Brydon.
The row began in October when Xavier Rolet resigned, saying he would leave in 2018 with no explanation for the decision.
TCI called for Rolet to remain on the board and originally requisitioned a vote to have him stay until 2021. However, that vote was withdrawn after Rolet resigned with immediate effect at the end of November.