Rebel Marks & Spencer shareholders are seeking advice from PIRC, the corporate governance watchdog, over how to resist the controversial appointment of CEO Stuart Rose as executive chairman.


“We are in discussions with a number of clients about potentially filing a shareholder resolution at Marks & Spencer’s AGM in July. Our clients want to address the issue of combining the CEO-executive chairman roles,” a spokesperson for PIRC told just-food.


M&S announced in March that it intended to combine the role of executive chairman with Rose’s current position as CEO at the end of June.


The move has attracted widespread public criticism from M&S investors who are disgruntled by this breach of corporate governance best practice.


As a compromise, M&S said that it would put Rose up for re-election at its AGM.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, a number of investors feel this is insufficient. They cannot vote on whether to combine the two positions as they are only invited to vote on the reappointment of Rose, PIRC said.


A draft of the resolution, leaked to the media yesterday (8 May), read: “This resolution is intended to provide a safe outlet for investors wishing to send a strong signal to Marks & Spencer about the value of good governance.”


PIRC told just-food that, while it is yet to “crunch the numbers” to gauge the level of shareholder support, with M&S’s larger shareholders speaking out against the move, it believes there is considerable weight behind the proposed shareholder resolution.