M&S exec role under scrutiny

Marks and Spencer will this week see an improvement in quarterly sales overshadowed by the continuing row over the future of executive chairman Sir Stuart Rose.

Sir Stuart is facing calls to share power at Britain’s largest clothing retailer a year after he saw off an investor rebellion over his elevation from chief executive to executive chairman – a post that goes against the combined code on corporate governance.

He is expected to face another revolt at the company’s annual meeting on July 8. Three shareholder advisory groups Glass Lewis, Pirc, and RiskMetrics are asking investors to support a resolution calling for the roles of chairman and chief executive to be split, and for the appointment of an independent chairman by July 2010.

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