BBRC International PTE Limited, which owns approximately 13% of Victoria's Secret & Co. (NYSE: VSCO), called on shareholders to vote against board chair Donna James at the company's 2026 annual meeting.

The investment firm cited James' 25-year tenure across Victoria's Secret and its predecessors, highlighting what it described as poor oversight and stockholder value destruction. BBRC pointed to $625 million in stock repurchases, a $591 million acquisition of Adore Me, and a stock decline of more than 70% during her tenure.

James served as chair of L Brands' Audit Committee from 2005 to 2019, during which time former CEO Les Wexner maintained ties to Jeffrey Epstein. A derivative lawsuit named James as a defendant and resulted in a $90 million settlement and governance reforms directed at the Audit Committee she chaired, according to the statement.

BBRC noted that board member Mariam Naficy will not seek reelection but said this change does not adequately address governance concerns. The firm stated it supports the operational turnaround underway but believes governance reform is necessary to sustain progress.

The proxy campaign focuses solely on opposing James' reelection rather than nominating alternative directors. BBRC has filed a preliminary proxy statement with the Securities and Exchange Commission to solicit votes against James.

Victoria's Secret issued public disclosures on May 11, 2026, which BBRC characterized as an attempt to divert attention from board oversight issues. The company has not publicly responded to BBRC's latest statement.