December 18, 2017 / 9:13 AM / in a year

Standard Life Aberdeen to back LSE in TCI tussle-source

LONDON, Dec 18 (Reuters) - London Stock Exchange shareholder Standard Life Aberdeen will vote against a motion brought by activist hedge fund TCI to ditch LSE chairman Donald Brydon, a source familiar with the matter said on Monday.

TCI Fund Management, run by Christopher Hohn, is unhappy with Brydon’s handling of the succession of Xavier Rolet, the LSE’s former chief executive.

Standard Life Aberdeen joins large LSE shareholders Qatar Investment Authority, BlackRock and Aviva Investors in saying they will vote against the motion.

TCI is not expecting to pass the resolution to oust Brydon at the shareholder meeting on Tuesday, a source close to the firm has told Reuters.

Shareholder advisory firms Glass Lewis and Institutional Shareholder Services have recommended shareholders vote against removing Brydon.

But rival advisory firm PIRC has recommended shareholders abstain, describing the LSE board’s handling of the succession as a “major failure of board leadership”.

Standard Life Aberdeen is a top-100 investor in the LSE with a 0.07 percent stake, according to Thomson Reuters Eikon. (Reporting by Carolyn Cohn, editing by Louise Heavens)

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