December 7, 2017 / 2:45 PM / in a year

Glass Lewis recommends LSE shareholders oppose TCI motion to oust chairman

LONDON, Dec 7 (Reuters) - Shareholder advisory firm Glass Lewis has recommended LSE shareholders vote against a resolution by activist hedge fund TCI calling for the immediate removal of chairman Donald Brydon, it said on Thursday.

“We see no reason to believe that the board failed to properly oversee the company during the CEO transition process or that it failed to act in the best interest of shareholders,” according to excerpts of the Glass Lewis recommendation seen by Reuters.

“We find little evidence to support that shareholders have lost faith in Mr Brydon as chairman,” Glass Lewis said.

The resolution by TCI, which is a 5 percent investor in the LSE, will be voted on at a shareholder meeting on Dec 19.

TCI and LSE declined to comment. (Reporting by Ben Martin, Carolyn Cohn and Maiya Keidan; editing by Anjuli Davies)

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