Sir Stuart survives vote to split his dual role at M& S.SIR Stuart Rose has survived a shareholder vote designed to split his controversial dual role at the helm of Marks & Spencer.
But Sir Stuart - who is both chief executive and chairman of the retailer - did face investors' misgivings misgivings
feelings of uncertainty, fear, or doubt about the firm's management structure.
A resolution tabled at the M& S annual meeting in London yesterday by the Local Authority Pension Fund Forum (LAPFF LAPFF Local Authority Pension Fund Forum ) did not receive sufficient votes to be recognised by the board.
Sir Stuart said the resolution had attracted less than half of the votes, adding: "The board sees this as an endorsement of its succession plans."
Sir Stuart was dealt a personal blow by shareholders, as 21.5% of those who voted were either against or abstained from supporting his re-election. The resolution introduced by the LAPFF - which was designed to make Sir Stuart split his role a year early - received 40.3% of the votes in favour, significantly less than the 75% it would have needed to be acted on in an advisory capacity. Councillor Ian Greenwood Greenwood.
1 City (1990 pop. 26,265), Johnson co., central Ind.; settled 1822, inc. as a city 1960. A residential suburb of Indianapolis, Greenwood is in a retail shopping area. Manufactures include motor vehicle parts and metal products. , of the LAPFF, told the meeting his organisation did not oppose Sir Stuart personally.
But he said: "There is no doubt whatever that having a chair and chief executive as the same person is an increased risk."
Mr Greenwood said the LAPFF recognised that there are "certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or " when one person would hold both positions for a short period of time, but added "this is not a short period.
"There is a reputational risk, there's no doubt about that."