Extraordinary meeting called to oust LSE chairman

London Stock Exchange LSE 480

Activist shareholder the Children’s Investment Fund has used its 5 per cent stake in the London Stock Exchange to call an extraordinary meeting to oust its chairman.

Donald Brydon is accused of forcing out LSE chief executive Xavier Rolet, who is departing at the end of the year.

Under UK rules a meeting must be held in 21 days with Blackrock and Invesco among the major investors that will hold critical votes, the Financial Times reports.

“We have spoken to all the large shareholders and are confident a majority will vote for our proposals,” Hohn told the newspaper.

Children’s Investment Fund founder Chris Hohn told Brydon in a letter that he failed to provide shareholders with “any substantive basis for the removal of the chief executive”.

Hohn says the stock exchange hadn’t followed the proper governance process.

Hohn has accepted an invitation from Brydon to a board meeting next week.