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| M&S boss Rose survives key vote | M&S boss Rose survives key vote |
| (41 minutes later) | |
| Marks & Spencer executive chairman Sir Stuart Rose appears to have won a key vote at the retailer's annual meeting, but there was significant opposition. | Marks & Spencer executive chairman Sir Stuart Rose appears to have won a key vote at the retailer's annual meeting, but there was significant opposition. |
| The motion presented by the Local Authority Pension Fund called on M&S to seek a new chairman by July 2010. | The motion presented by the Local Authority Pension Fund called on M&S to seek a new chairman by July 2010. |
| Excluding abstentions, 37.7% of voting shareholders were in favour while 62.3% were against. | Excluding abstentions, 37.7% of voting shareholders were in favour while 62.3% were against. |
| There has been criticism of Sir Stuart's role as both chairman and chief executive of the company. | There has been criticism of Sir Stuart's role as both chairman and chief executive of the company. |
| He is currently due to retire from M&S in July 2011. | He is currently due to retire from M&S in July 2011. |
| 'Reflect seriously' | 'Reflect seriously' |
| AT THE AGM Nick Cosgrove, BBC business reporter, Royal Festival Hall Never mind Henley, Wimbledon or Ascot, one of the events of the summer is Marks & Spencer's annual general meeting. There has been renewed interest this year, because of the controversy surrounding Sir Stuart Rose taking up both the chairman and chief executive roles. So it came as a surprise when arriving at the AGM and taking to the queuing shareholders that I could find almost no decent. The private shareholders are a loyal bunch, fiercely proud of M&S and the values it stands for. Profile: M&S boss Sir Stuart Rose | |
| Councillor Ian Greenwood, who sponsored the motion, told the BBC he hoped that the board would see the level of support the resolution had received, and decide to bring in a new chairman before 2011. | Councillor Ian Greenwood, who sponsored the motion, told the BBC he hoped that the board would see the level of support the resolution had received, and decide to bring in a new chairman before 2011. |
| "I hope they will reflect seriously on this result," he told the BBC. | "I hope they will reflect seriously on this result," he told the BBC. |
| "If you concentrate too much power in one place it unbalances the governance." | "If you concentrate too much power in one place it unbalances the governance." |
| When abstentions are taken into account, it is expected that 40% of voting shareholders will have failed to back the board's position on the combined roles. | |
| Sir Stuart told the BBC that while there had been a protest vote, he was still perfectly relaxed about the result. | |
| "It doesn't matter if it was 51% - 49% or 60% - 40%; a win is a win," he said. | |
| I don't feel like a wounded beast - I feel like a chief executive and a chairman, because after all I am both, who wants to carry on and take our company through this recessionary period." | |
| At last year's annual general meeting, opposition to his combined roles was expressed in a shareholder vote over whether to reappoint Sir Stuart. | At last year's annual general meeting, opposition to his combined roles was expressed in a shareholder vote over whether to reappoint Sir Stuart. |
| He won that vote, although 22% of investors did not back him. | He won that vote, although 22% of investors did not back him. |
| This year, on his reappointment, 91.4% voted for and 8.6% voted against. | This year, on his reappointment, 91.4% voted for and 8.6% voted against. |
| Executive bonuses | Executive bonuses |
| M&S has made concessions to shareholders in recent weeks over the issue of executive bonuses. | M&S has made concessions to shareholders in recent weeks over the issue of executive bonuses. |
| Sir Stuart and marketing director, Steven Sharp, are to forego a third of their long-term bonus awards, following criticism from the Association of British Insurers. | Sir Stuart and marketing director, Steven Sharp, are to forego a third of their long-term bonus awards, following criticism from the Association of British Insurers. |
| It was thought that shareholders might still express their anger at the bonus system by voting against the re-election of Lady Patten, chairman of the remuneration committee. | It was thought that shareholders might still express their anger at the bonus system by voting against the re-election of Lady Patten, chairman of the remuneration committee. |
| In the event, 90.2% voted in favour of her re-election with 9.8% voting against. | In the event, 90.2% voted in favour of her re-election with 9.8% voting against. |