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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Metro Bank PLC    MTRO   GB00BZ6STL67

METRO BANK PLC

(MTRO)
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Metro Bank : Legal & General's fund arm to vote against Metro Bank chair

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05/17/2019 | 05:16am EDT
The logo of Legal & General insurance company is seen at their office in central London

LONDON (Reuters) - Legal & General Investment Management, one of the biggest institutional investors in embattled lender Metro Bank, said it plans to vote against the chairman and other board members at the company's annual meeting.

LGIM, part of insurer Legal & General, said it had "long-standing concerns" about Metro Bank for its lack of independent directors, poor gender diversity, pay structure and failure by the company to manage conflicts of interest.

After voting against the re-election of the chairman and approval of the pay report last year, this time round LGIM said it would vote against the Chair, members of the Audit Committee and directors with whom it has independence concerns.

LGIM said it was taking the "rare step" of pre-announcing its intentions ahead of the meeting on Tuesday in order to share its concerns with other investors.

"We hope that in sharing our voting intentions early, and that following the results of the AGM, this will help encourage Metro Bank to strengthen their governance structures," said LGIM's Sacha Sadan, director of corporate governance.

LGIM, which manages more than 1 trillion pounds in assets, is the 11th biggest investor in Metro Bank, data from Refinitiv showed.

(Reporting by Simon Jessop, Editing by Iain Withers)

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Financials (GBP)
Sales 2019 435 M
EBIT 2019 42,8 M
Net income 2019 -10,1 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -38,8x
P/E ratio 2020 29,2x
Capi. / Sales2019 0,77x
Capi. / Sales2020 0,70x
Capitalization 336 M
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Technical analysis trends METRO BANK PLC
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Mean consensus HOLD
Number of Analysts 14
Average target price 357,50  GBp
Last Close Price 195,00  GBp
Spread / Highest target 208%
Spread / Average Target 83,3%
Spread / Lowest Target -33,8%
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Managers
NameTitle
Craig Francis Donaldson Chief Executive Officer & Executive Director
Vernon W. Hill Non-Executive Chairman
Aisling Kane Chief Operating Officer
David Thomas Arden Chief Financial Officer, Secretary & Director
Cheryl Newton Chief Information Officer
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