The Local Authority Pension Fund Forum (LAPFF) has added its name to the list of critics unhappy at Sir Stuart Rose’s promotion to executive chairman.
The LAPFF will reveal today that it has written to Marks & Spencer asking it to rethink its plans, which go against the Combined Code on corporate governance. The forum represents 48 public sector pension funds.
Following mounting criticism of the promotion, the M&S has made a series of concessions to rebel shareholders in an attempt to calm the anger that the move has created.
In a letter to shareholders and the Association of British Insurers, M&S chairman Lord Burns said Rose would stand for re-election as a director every year from this year, instead of every three years.