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| Version 5 | Version 6 |
|---|---|
| M&S chief gets investor backing | M&S chief gets investor backing |
| (10 minutes later) | |
| Marks and Spencer executive chairman Sir Stuart Rose has received 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 who voted approved his reappointment. | |
| A higher number were expected to vote against his reappointment in protest at him being appointed as chairman as well as chief executive. | 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 | 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. | 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. | 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. | 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. | "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. |