Electra board not independent enough - shareholder advisor PIRC

* PIRC rejects Bramson, Brindle as non-executive directors

* Follows successful election to the board on Nov. 5

* Calls for investors to reject both at Jan. 25 AGM

By Simon Jessop and Freya Berry

LONDON, Jan 20 (Reuters) - The board of Electra Private Equity is not independent enough after the recent election of activist investor Edward Bramson as a non-executive director, an influential shareholder advisory firm said.

New York-based Bramson, who along with his Sherborne Investors group is Electra (Tel Aviv: ELTR.TA - news) 's largest shareholder, finally won a seat on the board in November after almost two years of lobbying, prompting Electra's chairman Roger Yates to resign.

Bramson, who has a track record of turning around companies, had criticised Electra, one of the City of London (LSE: CIN.L - news) 's oldest private equity funds, for a lack of openness and said there was more value to be found in the company's portfolio, without giving specifics.

In a note to the many pension funds and other investors who rely on its guidance when determining how to vote on company issues, Pensions & Investment Research Consultants (PIRC) said investors should reject Bramson at the Jan. 25 annual meeting.

"Edward Bramson is a newly appointed non-executive director. He is not considered to be independent as he is a director of one of the company's significant shareholders," PIRC wrote, advising an 'oppose' vote.

PIRC, which advises groups with 1.5 trillion pounds ($2.1 trillion) in assets invested in many leading blue-chip stocks, recommended a separate 'oppose' vote against the election of ex-Sherborne Chairman Ian Brindle, also elevated to the board in November, as there was "no clear justification" for the appointment.

Under company law, Bramson just needs a simple majority to be elected at the annual general meeting.

Bramson and Sherborne currently have a 28.14 percent stake in Electra, Thomson Reuters (Dusseldorf: TOC.DU - news) data showed. Other leading institutional investors include M&G Investments, with 9.44 percent, and Aviva Investors, with 3.4 percent.

Shares (Berlin: DI6.BE - news) in Electra have risen 1.1 percent since the Nov. 5 election of Bramson to the board, while the broader FTSE All Share (LSE: SHRE.L - news) index has fallen just over 10 percent. ($1 = 0.7072 pounds) (Editing by Susan Fenton)