A majority of London Stock Exchange Group shareholders voted against removing the chairman at a general meeting Tuesday, the exchange said in a statement.
Some 79.07% of shareholders voted against the resolution put forward in November by the Children's Investment Master Fund calling for Chairman and Director Donald Brydon to be removed.
The remaining 20.93% of shareholders voted in favor of the resolution.
"This is a strong vote against a sitting chairman of a major FTSE 100 company. It demonstrates a clear view among a substantial part of the shareholder base that there has been a corporate governance failure at the London Stock Exchange," Christopher Hohn, TCI founder said in an emailed comment after the general meeting referring to the nearly 21% who voted in favor of the resolution.
Mr. Hohn also said major shareholders who voted against the resolution are demanding that a chairman succession plan be put in place. "There is a distinction between Donald Brydon departing immediately and a chairman succession plan being announced immediately rather than waiting until 2019," Mr. Hohn said in the email.