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M&S faces shareholder revolt at AGM

Marks & Spencer shareholders are expected to protest at chief executive Stuart Rose's appointment as executive chairman of the business, at the company's AGM on Wednesday.

Around 30% of shareholders are understood to want to demonstrate their objections over the appointment,which contravenes corporate governance guidelines that the two roles should be separate. According to reports they will vote against the company's annual report and accounts and abstain from the vote on Rose's re-election to the board, according to reports.

M&S shares lost 30% in value last week when the retailer issued a profit warning and reported an 5.3% drop in like-for-like sales for the 13 weeks to June 28. The share price is 60% lower than a year ago.

City analysts have downgraded the retailer and lowered profit expectations in the past week.

Readers' comments (1)

  • no no no no no. Has everyone gone mad? Ok Sir Stuart has made a few errors this year but he absolutely must not go. He is the man to steer M&S back on course. Without him, i shudder to think how much further the share price will fall and who on earth would replace him.

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