They want a new chairman to launch an urgent strategic review

Rebel shareholders need more support for BAE boardroom shakeup

Canada Goose online LONDON, Oct 23 (Reuters) BAE Systems biggest shareholder Invesco will need to drum up more support from other investors to force out senior board members at the UK defence firm after its failed $45 billion merger with aeroplane maker EADS. Canada Goose online

canadian goose jacket Invesco Perpetual, Henderson Global Investors and Artemis which together hold more than 15 percent of BAE have sent a joint letter, Canada Goose Online seen by Reuters, to BAE board demanding replacement of Chairman Dick Olver and canadian goose jacket Senior Independent Director Peter Mason. canadian goose jacket

canada goose store They argued that both departures were necessary to restore credibility to the company. They want a new chairman to launch an urgent strategic review in the wake of the EADS deal, which would have created the world largest aerospace and arms group. canada goose store

The merger was derailed earlier this month by canada goose political opposition.

canada goose clearance But other top shareholders contacted by Reuters on Tuesday said they were not calling for radical board level change yet. canada goose clearance

canada goose coats on sale had a call with the chairman. uk canada goose outlet The assurances we were looking for was that the guys were fully empowered and driven to get out on the road and start building up the business again. and we were given that assurance, said one Canada Goose online of BAE 10 largest investors, on condition of anonymity. canada goose coats on sale

canada goose coats Board of BAE Systems remains fully supportive of its Directors, BAE said in a statement. The company said it maintained a dialogue with all stakeholders on strategy, governance and performance. canada goose coats

Canada Goose sale The Invesco letter said the investors were prompted to act by the collapse of the merger that was of a wider and sustained failure by the board of directors to focus on strategies that create value for shareholders. Canada Goose sale

canada goose It Canada Goose Jackets also criticised management for 10 billion pounds of acquisitions and capital expenditure canada goose uk black friday since 2004 Canada Goose Coats On Sale when the total market value for the company currently stands at little over 10.6 billion pounds. canada goose

Canada Goose Jackets believe there should be accountability at Board level for such a poor record of capital allocation over such a long period, the canada goose store letter said, highlighting a canada goose uk outlet decade for investors with the canada goose clearance share price languishing at 2002 levels. Canada Goose Jackets

Canada Goose Parka WAITING GAME Canada Goose Outlet But frustration over an underperforming share price is tempered for some investors by a healthy dividend yield of more than 6 percent. Canada Goose Parka

can understand the frustrations. They (rebel investors)clearly they feel the business hasn re rated under the tenure of the current guys. My feeling here is we being paid to wait, the first investor said.

buy canada goose jacket Some big shareholders said they were waiting to see how management steered the company strategically before lobbying for board level shakeup. buy canada goose jacket

canada goose black friday sale would still be in the and see what happens next camp, rather than jumping up and down for change, said one fund manager at an investment firm that is one of BAE 10 biggest shareholders. canada goose black friday sale

canada goose deals A third source at cheap canada goose uk one of BAE 20 canada goose factory sale largest institutional shareholders said they had some questions about the company strategy and outlook but they would convey those and any additional concerns directly to Olver and his Canada Goose sale colleagues, before making any decision on withdrawing support. canada goose deals

cheap Canada Goose While not yet actively supporting the push for management change, a fourth cheap Canada Goose investor at one of the 40 largest BAE shareholders said at least one of BAE top brass Canada Goose Parka was likely to lose their job after such a high profile strategic mishap as the failed tie up with EADS. cheap Canada Goose

have led the company down such a strategic blind alley and then not have some senior uk canada goose board level fall out would amaze me, the fund manager said.

canada goose clearance sale The copy of the letter seen by Reuters did not identify signatories but a source close to Invesco said its senior fund manager Neil Woodford was joined by two investors in pushing for change, together making up nearly a fifth of BAE ownership. A source familiar with the letter said Henderson and Artemis were also signatories. Invesco owns 13 percent of the company, Artemis has 1.5 percent and Henderson holds close to 0.5 percent, canada goose coats according to canada goose coats on sale Thomson Reuters data. canada goose clearance sale

A spokeswoman from Henderson confirmed Henderson was a signatory. Artemis declined to comment. Invesco did not respond to a request for comment.

Canada Goose Outlet Invesco was opposed to the proposed BAE/EADS merger from the start and canada goose black friday sale published a long canada goose clearance sale list of objections, including concerns over state interference, poor buy canada goose jacket cheap terms and a lack of strategic rationale. Canada Goose Outlet

Supporters of BAE proposed merger with EADS argued it was an essential diversification into civil aviation and away from its focus on defence buy canada goose jacket at a time when cash strapped governments are cutting canada goose outlet nyc arms budgets.

buy canada goose jacket cheap Some investors were frustrated at a lack of information on the deal during negotiations between the company canada goose uk shop and governments, prompting speculation at the time that Olver would come under pressure to step down buy canada goose jacket cheap.

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