LONDON, Sept 23 (Reuters) - A leading UK investor advisory group said on Tuesday it opposed plans put forward by activist investor Edward Bramson to overhaul the board of Electra Private Equity.
Pensions & Investment Research Consultants Ltd said investors should oppose a plan by Bramson’s Sherborne Investment Management to place him and another executive on the board, and to remove an existing executive, Geoffrey Cullinan.
Bramson is seeking to shake up the board to help create more than 1 billion pounds ($1.64 billion) in shareholder value from the firm, which he believed had not been managed well.
PIRC, however, said it had no significant concerns over the composition of the Board, and that “independence on the Board would be reduced from the appointment of two shareholder representatives affiliated with a significant shareholder”.
It also said the need for a strategic review had not been sufficiently justified and that the company’s performance did “not merit major concern”. It also saw no need to remove Cullinan. ($1 = 0.6111 British Pounds) (Reporting by Simon Jessop; editing by Freya Berry)