Marks & Spencer is refusing to compromise after extensive
discussions with shareholders over the elevation of its chief
executive, Sir Stuart Rose, to the position of executive chairman.
However, a number of concessions are to be offered in an effort
to defuse the row. Chief among these would be to make Sir Stuart
face re-election to the board each year at the end of the annual
meeting. He will also forego a pay award he was due to receive for
becoming chairman. Marks & Spencer is also repeating promises to
recruit a new senior independent director with enough experience to
satisfy City demands for a counterweight to Sir Stuart in the
boardroom.
The retailer provoked a storm of protest last ...