Marks & Spencer executive chairman Sir Stuart Rose and executive director Steve Sharp are to waive share entitlements in the interests of “good shareholder relations”.

Under changes revealed today to awards under the retailer’s performance share plan unveiled on June 11, Rose and Sharp agreed to waive their allocations by a third.

The reduction leaves Rose with 789,933 shares rather than 1.2 million and Sharp with 394,966 instead of 592,450.

Rose has been under pressure from investors opposed to his elevation to executive chairman and concerned about business performance.

He said: “I am committed to ensuring that Marks & Spencer engages in full and constructive dialogue with our shareholders.

“Following feedback from shareholder representative bodies, Steve Sharp and I have decided to waive our entitlement to 197,484 and 394,967 shares respectively, representing a third of the allocation awarded to us by the remuneration committee.

“The board of M&S is acutely aware of the governance issues we face and the importance of good shareholder relations. Our decision reflects this.”