The row over remuneration paid to M&S's top executives has flared up again - this time over recommendations by corporate governance watchdog Pirc that shareholders should block the reappointment of two non-executive directors.

Tony Ball and Kevin Lomax, who are both due for re-election at the annual shareholders' meeting on 11 July, are said to have approved increases to a key share option scheme without increasing performance targets. This means that M&S chairman Luc Vandevelde could pocket shares worth nearly £2m.

Also under criticism from Pirc, which counts some of M&S's largest shareholders amongst its members, is the retailer's new share option scheme. This is due to be approved by shareholders on 11 July, and if given the go-ahead could see 400 senior managers land share options worth three times their annual salaries.

Pirc argues that targets to trigger the options are too low, and are not in line with shareholders' interests. M&S, however, has hit back by saying that managers will only be able to exercise their share options if the share price doubles in the next three years - by which time shareholders will also have benefited from the increase in share price.