Electra said that it rejected Bramsom's requests after a meeting between Chairman
Electra noted Tuesday that over the ten years to the end of
"The board of Electra actively keeps the company's strategy under regular review, is of the opinion that the current strategy has delivered consistently superior long-term returns for all shareholders, and sees no reason to deviate from this successful strategy," Electra said in a statement.
According to Electra, Bramson also wanted to nominate two as-yet-unidentified directors to the board.
Appointing Bramson and directors nominated by him would be at odds with its policy of having a board comprised entirely of independent non-executive directors, due to the fact that he represents a shareholder with a 19% stake in the company.
"The board has always listened, and will continue to listen, to the views of shareholders consistent with enhancing long-term shareholder value. The board believes that maintaining an open dialogue with shareholders and a wholly independent board structure best enables the board to consider the interests of all shareholders without undue influence from any quarter," Electra said.
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