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Governance

London Stock Exchange to hold meeting for votes to keep CEO on board, remove chairman

The FTSE 100 share price is shown on a rotating cube in the London Stock Exchange Group atrium in London.

The London Stock Exchange Group will hold a general meeting of shareholders to consider resolutions put forward by The Children's Investment Master Fund related to its chairman and CEO.

LSEG said in a regulatory news service Friday that it had received a letter of requisition on Thursday from the TCI Master Fund regarding a general meeting to consider a number of resolutions.

The first, an ordinary resolution, calls for Chairman Donald Brydon to be removed from office as a director of the company with immediate effect.

A special resolution relates to CEO Xavier Rolet, whose departure by the end of 2018 was announced by LSEG in October. The filing said the special resolution calls for the termination of a search for a new CEO of the company with immediate effect, and that, subject to Mr. Rolet's consent, he be permitted to remain in office as director and CEO until 2021. This should be "on no less favorable terms than his existing employment arrangements provided that the continuance of his appointment shall be without prejudice to the ability of the board of directors of the company to summarily terminate his employment on the basis of any of the grounds specified in Xavier Rolet's existing service contract and the ability of the shareholders of the company to remove him by ordinary resolution," said the filing.

TCI Fund Management owns a 5% stake in LSEG, according to the stock exchange's website. The firm is a value-based investment manager established in June 2003 and has about $25 billion in assets under management.