Article: M&S offers olive branch in row over Rose's elevation

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 ...

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