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.


Asia facing up to increased competition

Increasing competition for garment sourcing contracts is seeing China not only being challenged by other countries in Asia, but by sub-Saharan African and even Russian suppliers too. And it is pushing...


Cambodia raises garment worker wages

The monthly minimum wage for workers in Cambodia's textile, garment and footwear sector is set to rise to $153 from January next year, following a vote on the issue last week. The increase marks a ris...


Sportswear initiatives start to take shape

The results of two highly-anticipated initiatives in the sportswear sphere were revealed last week: the launch of Under Armour’s new UAS lifestyle brand and the first pair of running shoes created at ...


Hanjin Shipping collapse triggers fear of West Coast port repeat

The recent bankruptcy of South Korea's Hanjin Shipping, the world's seventh-largest container shipper, at the end of August, has left billions of dollars worth of merchandise in limbo, leaving the fal...

just-style homepage

Forgot your password?