Rebel Marks & Spencer shareholders are considering whether to force a vote on Sir Stuart Rose’s controversial promotion to executive chairman at the retailer’s AGM in July.

Corporate governance watchdog Pirc has disclosed that it is talking to investors about a special resolution which could see a referendum on Rose’s dual position.

A draft of the resolution stated: “This resolution is intended to provide a safe outlet for investors wishing to send a strong signal to Marks & Spencer about the value of good governance.”

The dispute over the promotion of Rose began in March when it was announced that he would take on the role from the end of June.

To appease shareholders’ concerns over the breach of corporate governance best practice, M&S said last month that it would put Rose up for re-election at the AGM.

Shareholders accounting for more than 5 per cent of M&S stock must back the resolution for the issue to be put to a vote.

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