In the face of mounting opposition to Sir Stuart Rose’s promotion to executive chairman, Marks & Spencer non-executives are to meet to thrash out a new pay package for the retailer’s chief executive.
Yesterday, M&S’s second largest shareholder, Legal & General, was joined in its opposition to the boardroom changes by shareholder group PIRC, the body that advises pension funds on corporate governance. It also emerged yesterday that Legal & General was given one hour’s notice prior to the news of Rose’s elevation.
M&S’s remuneration committee will also be looking at the new packages for Kate Bostock, the new head of clothing and Ian Dyson, finance director. Last year, Rose received a£1 million bonus on top of his£2.3 million salary.
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