Activist investor Edward Bramson has submitted a resolution to be appointed to Barclays’ board of directors at the banks annual general meeting (AGM) in May.
Bramson, the chief executive of Sherborne Investors which holds more than five per cent of the bank's shares, has previously called for Barclays to downsize its investment banking division.
He is seeking shareholder approval to join the board of Britain’s third biggest bank after his attempts to take a non-executive director role were rebuffed last year.
“The board of Sherborne Investors has been informed by the investment manager that Sherborne Investors Management submitted, yesterday, an ordinary resolution to Barclays to be considered at Barclays' Annual General Meeting, which is expected to be held on 2 May 2019, for the purpose of appointing Mr. Edward Bramson to the board of directors of Barclays,” Sherborne said in an update to the market this afternoon.
Bramson outlined his intention to spark a shareholder vote in a letter to Sherborne Investors last year.
The letter said: “After considering the situation carefully we do not have confidence that continued engagement with the company, strictly as an outsider, will produce any more measurable results in the future than it has to date.”
It continued: “It seems increasingly likely that, for any progress to be made on our concerns, we will be required to seek a shareholder vote to make changes in the composition of the board.”