Showdown at LSE

THE City’s biggest boardroom battle in years will reach its climax tomorrow when the future of London Stock Exchange chairman Donald Brydon hinges on a shareholder vote.

Brydon, 72, could be sacked after hedge fund boss Sir Chris Hohn accused him of having a toxic effect on the LSE.

The chairman ( pictured) is widely seen as responsible for forcing out the LSE’s chief executive xavier Rolet, who unexpectedly announced he was standing down in October and refused to say why.

Hohn is furious that Rolet has gone and has forced the LSE to arrange the vote. Hohn said: ‘It would be difficult to find a new world- class chief executive to serve under Donald Brydon.’ In an attempt to find a compromise, Brydon said that he will leave in 2019. But this was not enough for billionaire Hohn, who insisted on tomorrow’s shareholder vote to decide whether the chairman should be removed immediately. Several large investors have now publicly backed Brydon, including Blackrock, the Qatar Investment Authority, Lindsell Train and Aviva Investors, which together have a stake of around 26.7pc.