It looks as if Stuart Rose could face yet more opposition to his role as executive chairman of Marks and Spencer Group plc. While M&S shareholders approved the election of Rose to the role at M&S’ annual general meeting earlier this month, the U.K.’s Local Authority Pension Fund Forum, whose members represent up to 2.5 percent of M&S shareholders, said Thursday they plan to oppose Rose’s dual role. The role combines the duties of chairman with some of those of chief executive. The LAPFF plans to submit a proposal at M&S’ annual general meeting next year asking that M&S separate the roles of chairman and chief executive, if the company has not already split the two roles by then. Critics have argued that combining the two roles violates corporate governance rules and concentrates too much power in one role.
This story first appeared in the July 25, 2008 issue of WWD. Subscribe Today.