Activist Manager Wants Jes Staley Off Barclays Board of Directors

March 4, 2020 | Hedge Funds, News
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Edward Bramson and his fund Sherborn Investors Management is waging a campaign to oust Jes Staley from the board of directors of Barclays (NYSE: BCS). According to reports, Sherborne is seeking his ouster due to Staley’s relationship with the deceased financier and convicted sex offender Jeffrey Epstein. In a letter sent to shareholders, the firm urged the board to “rescind their unanimous recommendation to re-elect Staley” as a director at its next annual shareholder meeting.

Edward Bramson’s Fund on Jes Staley

The letter reads:

“The public interest in the U.K.’s most established financial institutions leading from the front in setting and following best corporate governance is vital to the country’s global reputation,” according to Sherborne Investors. “The public interest not only requires the likes of Barclays to set the highest standards, but it also dictates that there should be unvarnished transparency on major ethical questions and on the suitability of individuals that lead them.”

According to media reports, Epstein had brought Staley business when the Barclays executive ran JPMorgan’s private bank (NYSE: JPM). Staley also visited Epstein, who died in prison last year, while the sex offender was serving his sentence in 2008 for solicitation of prostitution.

“If Staley knowingly continued providing financial services to Epstein, which could have helped to facilitate the latter’s child prostitution activities, in order to reap personal career benefits, it raises the question as to whether he is suitable to be an executive of a financial institution,” Sherborne wrote.

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