Bolland faces questions over 'signing-on fee'

MARKS & Spencer chief executive Marc Bolland today faces his first AGM since taking the helm and is expected to come under pressure over remuneration after one shareholder group rang the alarm bell over "excessive" pay and bonuses.

Bolland and chairman Robert Swannell - who is also heading into his first annual meeting with M&S shareholders - are likely to face questions after Pirc queried the hefty recruitment incentives offered to both Bolland and the high street stalwart's new finance director, Alan Stewart.

The shareholder group raised concerns over Bolland's one-off 1 million payment on arrival as well as performance-related share awards for both men.

Bolland and Swannell will also update on the chain's latest trading and they are tipped to report a 1.5 per cent rise in like-for-like sales in the 13 weeks to the end of June, up from the 0.1 per cent increase in the previous three months.

However, analysts have taken the fact that M&S launched its summer sale two weeks early as a sign that the bellwether has found trading conditions as tough as rivals in recent weeks.