LONDON (Thomson Financial) - The Association of British Insurers (ABI) is
considering supporting a call for Sir Stuart Rose, the chief executive of Marks
& Spencer, to face re-election to the board of the retailer as a means of
voicing concerns about his elevation to the position of executive chairman, The
Times reported.
The ABI has already said the controversial move, which goes against
recommendations on good corporate practice, "raises some fundamental concerns
for our members".
Shareholders will want an explanation for the move and a way of expressing
their views, and one way would be to require Sir Stuart to stand for
re-election, an ABI spokeswoman told the newspaper.
Sources close to ABI, which represents some of Britain's largest investors,
said it is still in talks with M&S over the issue, the newspaper said.
M&S said the agenda for the July meeting remains unchanged, with Sir
Stuart's role as executive chairman not subject to a vote, The Times said.
paul.sandle@thomson.com
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