Institutional investors Schroders and Columbia Threadneedle are to vote against the incumbent chairman of transport giant FirstGroup PLC ( LON:FGP ) at an emergency general meeting on Tuesday, providing a boost to activist investor Coast Capital's efforts to radically overhaul the firm. According to Sky News, Schroders and Columbia, which own around 9% and 10% of the FTSE 250 group respectively, will oppose the re-election of Wolfhart Hauser at the EGM, which in combination with Coast's stake represents around 30% of the share capital. READ: FirstGroup activist shareholder Coast Capital comes back with fighting talk A spokesman for Columbia also told Proactive that the company had voted against the chairman and two of FirstGroup 's "longest-serving board directors", which they said would "better realise value for shareholders".