Sir Stuart Rose, the CEO of British retailer, Marks and Spencer who despite a great deal of opposition took on the role of Executive Chairman of the firm back in March (see blog) finds himself back in the news again. According to a story by Julia Finch for the Guardian,
Marks and Spencer shareholders are being urged to vote against the retailer’s chairman Sir Stuart Rose at next month’s annual meeting in protest at his promotion from chief executive.Corporate governance research group Pensions and Investment Research Consultants (PIRC) has advised its clients – who include many local authority pension funds and faith-based investors – to show their disapproval of Rose’s new role. Commenting on the PIRC voting guidance an M&S spokesman said: “They are entitled to their views. We have made our position clear.” … The Association of British Insurers, whose members include many of M&S’s biggest shareholders, has stopped short of recommending a vote against Rose. But in its voting guidance to members it gave the company an “amber top” – which urges shareholders to consider the issues carefully before voting.
Keep a close eye on the impending vote results.
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