The next few weeks are likely to bring share price turbulence for Marks & Spencer. Shares were trading at 293.75p earlier this week – well above the 52-week low of 191.9p but down from a 363p high.

At the start of next month the retailer issues first-quarter sales figures and on July 8 there is the AGM, when executive chairman Sir Stuart Rose is likely to face fire from institutional shareholders concerned about governance and private investors resentful of the dividend cut.

On Monday, Rose and fellow director Steve Sharp said they would waive rights to a third of the shares they were entitled to under the performance share plan in the interests of “good shareholder relations”.

The decision defused one potential row, but the change of heart is illustrative of the gulf between some investors and management. Differences of opinion remain, which is not good news for the share price.