Marks & Spencer is bracing itself for up to half of its shareholders to call for Sir Stuart Rose to step down early as executive chairman, at the retailer’s annual general meeting today.
According to The Times newspaper, Marks & Spencer chairman Sir Stuart Rose has dismissed the furore surrounding a shareholder vote on the appropriateness of his role as both chairman and chief executive at the company.
Rose yesterday said that the annual meeting would be a repeat of last year, when more than a fifth of shareholders either voted against reappointing him as executive or abstained from the vote.
Rose told the newspaper: “This is just a re-run of last year. There is no news.”
The Local Authority Pension Fund Forum has filed a resolution requesting an independent chairman by July 2010, which shareholders will vote on at the meeting today.