Influential shareholder advisory firm Glass Lewis has backed the chairman of the London Stock Exchange amid calls from an activist investor that he step down with immediate effect.

In a report to investors published yesterday, Glass Lewis advised them to vote against a proposal to remove Donald Brydon from his role at an extraordinary general meeting to be held on December 19. Its advice chimes with that of Institutional Shareholder Services, the world's largest proxy adviser, which also published its report yesterday.