The Children’s Investment Fund has asked the FCA and Bank of England to appoint a new chairman at the London Stock Exchange over fears corporate governance is not up to scratch.
TCI, which holds a five per cent stake in the exchange, feels the forthcoming departure of LSE chief executive Xavier Rolet has not been explained adequately.
It has expressed fears the LSE board has gagged Rolet, and, according to the Financial Times, has called for shareholders to meet to decide on the fate of chairman Donald Brydon.
Rolet was “being improperly threatened by the board with severe reputational damage unless he immediately steps down as CEO…or publicly confirms that he does not want to remain,” a letter to Brydon alleges.
A meeting between TCI and the LSE was cancelled last week. The LSE board has not commented on why Rolet would leave since the departure was announced last month.