Reports are suggesting that up to a fifth of Marks & Spencer shareholders could vote against the promotion of chief executive Sir Stuart Rose to chairman.
Early indications are that 20 per cent of shareholders will vote against the decision at the M&S AGM on July 9.
The promotion of Rose to chairman goes against City best practice, which believes chief executives should not take the role, in favour of independent or external candidates.
Rose wants to do both jobs for three years, according to Retail Week, and said he will keep investors happy by making himself eligible for re-election annually.
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