Laxey Partners, a dissident shareholder in British Land, has asked securities regulators to seek a clarification from the property group about statements at its annual meeting concerning the future role of John Ritblat, its chairman and chief executive.

On July 16 at its annual meeting, British Land issued a Stock Exchange announcement on succession planning, saying a decision had been taken to split the roles of chairman and chief executive.

However, in remarks after the meeting, Mr Ritblat appeared to contradict the statement, saying: When I go, I'll probably go completely. I'm not splitting the roles as long as I'm here.'

The Financial Services Authority yesterday confirmed it had received a request for an inquiry from Laxey, but declined to comment further.

However, the FSA is not likely to pursue an investigation unless it determines that Mr Ritblat's future at the helm of British Land is market-sensitive - that is, capable of moving the share price.

Generally, it would only launch an inquiry if it believed a company disseminated information over a regulatory route that was inaccurate or misleading, or if it believed price sensitive information was disseminated to some market participants, but not to others.

Some shareholders have been pressing for the company to split the roles in line with what is considered best corporate practice.

At the annual meeting, 46 per cent of shareholders who voted declined to support the reappointment of Mr Ritblat as a director. UBS Warburg, financial adviser to British Land, has said that the vote was swelled by the large stake controlled by Laxey and by in-house rules at some fund management groups requiring them to vote against a chairman/chief executive role.

Colin Kingsnorth, chairman of Laxey, said he believes the inquiry is necessary because British Land may have been prompted to announce plans to split the roles in response to shareholder pressures. 'If it doesn't apply to Mr Ritblat, when will it become relevant?,' he asked.

Noting that reports from industry analysts and the press have been contradictory, Mr Kingsnorth said: 'Attempts to clarify this have have been conspicuous by their absence.'

British Land said yesterday it stood by its statement at the annual meeting that 'the board intends to move towards splitting the chairman and chief executive roles based on an orderly timetable which allows for planning and continuity.'
 
Financial Times