Some of the UK’s largest pension funds are putting pressure on Marks & Spencer to curb the power of executive chairman Sir Stuart Rose.
The National Association of Pension Funds (NAPF) has joined the Local Authority Pension Fund Forum, investor consultant Pirc, and the Association of British Insureres in expressing concern about Rose’s role, according to The Times newspaper.
The NAPF is understood to have met recently with M&S to urge the retailer to separate the chairman and chief executive roles.
Rose caused concern last year among shareholders when he took on both roles.
Marks & Spencer will report its Q4 retults next week.
The retailer launched a Sale today with discounts of up to 50%.