This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7496685.stm

The article has changed 11 times. There is an RSS feed of changes available.

Version 4 Version 5
M&S chief gets investor backing M&S chief gets investor backing
(20 minutes later)
Marks and Spencer chief executive Sir Stuart Rose has received strong support from shareholders at the company's annual general meeting. Marks and Spencer executive chairman Sir Stuart Rose has received support from shareholders at the company's annual general meeting.
More than 94% of investors voted for his reappointment.More than 94% of investors voted for his reappointment.
A higher number were expected to abstain or vote against his reappointment in protest at him being both chief executive and chairman. A higher number were expected to vote against his reappointment in protest at him being appointed as chairman as well as chief executive.
Critics said combining both roles broke corporate governance rules, as one person had too much power at the firm.Critics said combining both roles broke corporate governance rules, as one person had too much power at the firm.
Shareholders' views on plans for chief executive Sir Stuart Rose to take on the role of chairman
But Sir Stuart defended his role to the company's investors, insisting that the board's "strong, independent and challenging" non-executive directors would keep him in check.
Supporting Sir Stuart, M&S deputy chairman Sir David Michels said: "He unquestionably has the right set of skills to take Marks and Spencer forward and to complete the job he has started.
Corporate governance firm PIRC had recommended shareholders vote against Sir Stuart's re-appointment as a director to show their opposition to the move.
"Combining the two roles in one person represents a dangerous concentration of power that is potentially detrimental to board balance, effective debate and board appraisal," PIRC said.