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M&S chief wins vote amid protest | |
(10 minutes later) | |
Marks and Spencer executive chairman Sir Stuart Rose has won a shareholder vote to reappointment him, even though 22% of investors did not back him. | |
M&S said 6% of investors voted against his reappointment and 16% abstained. | |
Sir Stuart faced opposition over his appointment to a role at the retailer that combined the jobs of both chairman and 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." | |
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. |