Fiery issues on debate at Marks and Spencer AGM

Published on Wednesday 9 July 2008 10:30

MARKS & Spencer chief executive Sir Stuart Rose of Marks and Spencer was today set to face the wrath of shareholders at the company's annual general meeting.

The meeting comes less than a week after the high street retailer posted a drop in profits and ditched head of food Steven Esom.

Shareholders will also be voting on the topic of whether to re-elect Sir Stuart to the controversial role of executive chairman.

Around 30 per cent are expected to abstain or oppose the reappointment, as they believe it puts too much power in Sir Stuart's hands.

Arcadia Group owner Sir Philip Green is said to be considering launching a third attempt to buy the rival company. He put forward an indicative offer of 400p per share for M&S in 2004.

There is also speculation about a possible merger with J Sainsbury, and rumours of a bid from the Qatari royal family.

Mr Green said: "Don't judge retailers by their share price. Retail lasts an awful lot longer than the life of the average City broker."

Sir Stuart has remained stoic despite the criticism of M&S and of his leadership. He said: "It's the same company I've been running for the last four years. The outside environment has changed."