Hu­mil­i­ated Bram­son vows to fight on

Daily Mail - - City & Finance - by James Bur­ton

COR­PO­RATE raider Ed­ward Bram­son has vowed to fight on af­ter a hu­mil­i­at­ing de­feat yes­ter­day over his bid to join the board of Bar­clays.

Bram­son won sup­port from just 3.9pc of in­vestors in a crunch vote at the lender’s an­nual meet­ing on whether he should get a non-ex­ec­u­tive di­rec­tor job, which will be seen as a huge vic­tory for Bar­clays as it was bit­terly op­posed to giv­ing the ac­tivist a board­room role.

To get his way, Bram­son would have needed back­ing from more than 50pc of vot­ing share­hold­ers. The out­come is par­tic­u­larly em­bar­rass­ing be­cause around 6pc of Bar­clays’ stock is held by firms which are also in­vestors in the raider’s company Sher­borne – mean­ing that many of Bram­son’s own fi­nan­cial sup­port­ers were not per­suaded by his ar­gu­ments, be­lieved to in­clude scal­ing down the bank’s in­vest­ment arm.

Bram­son, 68, put his de­feat down to an ap­peal from Bar­clays chair­man Nigel Hig­gins, who is said to have told share­hold­ers he can boost lack­lus­tre per­for­mance. Bram­son will give Hig­gins up to six months to pro­duce re­sults but will act if there are no im­prove­ments. He said: ‘If you talk to Bar­clays, noth­ing hap­pens. I can tell you that from per­sonal ex­pe­ri­ence. So we would have to do some­thing other than talk. What that is, it would be pre­ma­ture to say.’

How­ever, Bar­clays suf­fered a bloody nose over boss Jes Sta­ley’s pay af­ter it was crit­i­cised for failing to pun­ish him enough af­ter a whistle­blow­ing scan­dal. Some 29.2pc of share­hold­ers op­posed the £3.4m he was handed last year.

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