Activist Edward Bramson launches a scathing attack on the Electra board

Wall Street raider Ed Bramson has finally broken cover in his assault on TGI Friday-owner Electra by launching a vicious attack on the independence of the company’s boardroom.

The 64-year-old, who invests through a firm called Sherborne, pummelled the stewardship of the private-equity company and accused the board, led by chairman Roger Yates, of “deficient” corporate governance.

The tycoon, who takes minority stakes in companies and then agitates for change, wants two board seats and has called a shareholder vote for bonfire night to try and get elected.

He lost a similar vote last November but is back for a second bite at the cherry.

“The hostile reactions of the investment manager and the board seem disproportionate to a proposal by a long-term shareholder to nominate a small minority of qualified directors to Electra’s board,” he said.

“Independence from management and constructive engagement are core principles of effective corporate governance and the board is wrong to suggest that reasonable questioning equates to disruptiveness.”

Not everyone was convinced.

One Electra shareholder told the Standard: “The board have got a job to do and once you have awkward people on the board it makes it difficult for investors to do their jobs.

“The circumstances don’t improve corporate governance it just creates friction and makes corporate governance worse.”

Sherborne is Electra’s biggest shareholder with a stake of just under 30%.

Bramson said he would spotlight the high levels of fees charged by Electra’s investment company if he was elected but said he would not try and wrest control of the board.