Sir Ken to meet with shareholders

Sir Ken Morrison is expected to meet with the Association of British Insurers (ABI) today to allay shareholder fears over the retailer's corporate governance.

The ABI has issued a red-top alert to its members, highlighting concerns that the retailer only has one non-executive director on the board.

The director in question, deputy chairman David Jones, is leading a frantic search to appoint more non-executive directors in an effort to calm shareholders before they cast their votes at the retailer's annual general meeting on Thursday. However, it is unlikely that he will succeed, press reports suggest.

The retailer issued its latest profits warning 10 days ago, its fourth in 10 months.