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Aviva Investors to oppose motion to oust LSE chairman

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Aviva Investors to oppose motion to oust LSE chairman

One of London Stock Exchange Group Plc's top 12 shareholders will vote against a campaign by activist shareholder TCI Fund Management Ltd. to remove Chairman Donald Brydon from his post, The Daily Telegraph reported.

Trevor Green, head of U.K. equities at Aviva Investors, said he would back Brydon at the Dec. 19 shareholder meeting, having had "a long-running and constructive relationship with Brydon during his tenure at LSE and software company Sage," according to the report.

Brydon also serves as chairman of Sage, in which the Aviva Plc unit is a major shareholder, the Telegraph said.

Green's statement comes after investor advisory firms Institutional Shareholder Services and shareholder advisory firm Glass Lewis recommended keeping Brydon in his post.

ISS argued that TCI had not provided proof that Brydon's immediate removal would be beneficial to LSE and that looking for a new chairman and simultaneously searching for a successor to CEO Xavier Rolet, who stepped down in late November, would be "far from ideal."