Blog: Another testing AGM for Sir Stuart

Joe Ayling | 8 July 2009

Today (8 July) just-style is reporting from the AGM of clothing giant Marks and Spencer in London, whose boss Sir Stuart Rose is under the spotlight for a second year running.

Sir Stuart was last year elected executive chairman of the retailer, in addition to his ongoing chief executive duties.

Some shareholders contested the dual role at the time, saying it was against corporate governance best practice, and Sir Stuart faces their concerns once again a year later.

The Local Authority Pension Fund Forum (LAPFF) will today table a resolution calling for the chairman and chief executive roles to be split, according to the Press Association. They, along with some other shareholder groups, want to see an independent chairman at M&S before Sir Stuart's July 2011 succession.

Whether the resolution is passed, however, is another matter given M&S' return to quarterly sales growth last week. The company is not immune from the effects of the UK recession though, and like-for-like sales decreased 1.4% for the period.

Sir Stuart will need support from his closest allies, along with some clever soundbites, as he prepares for another testing AGM.

By Joe Ayling, news editor.


BLOG

Trump and Brexit generate more confusion

Over the past month, Donald Trump and his team failed to offer any clear plan to ensure Americans would "Buy American, Hire American" - while the British government's attempts to clarify the specifics...

BLOG

Bangladesh works to resolve labour activist issues

The Bangladesh government was forced to respond late last week to pressure over its crackdown on labour activists after a number of global brands and retailers, including H&M and Inditex announced pla...

BLOG

US border tax a contentious issue

Fresh from their disappointment at seeing the Trans-Pacific Partnership (TPP) free trade deal abandoned last month with an executive order by President Donald Trump, the US apparel and footwear sector...

BLOG

Primark's sustainable cotton programme takes shape

With the ultimate aim of ensuring all the cotton in its products is sourced sustainably, value clothing retailer Primark is adamant that having a business model focused on offering the lowest prices o...

just-style homepage



Forgot your password?