Marks & Spencer ceo and chairman Sir Stuart Rose has waived the right to more than £1.2 million in shares amid mounting pressure on the retail boss.
Pressure from the Association of British Insurers caused Sir Stuart to forfeit the share allocation that is part of his remuneration package, in a move that has been seen as a strategy to dodge criticism.
M&S directors are entitled to four times their salary in performance shares with Sir Stuart and managing director Steven Sharp awarded three times their salaries in shares for the financial year just ended. On Monday, both men waived one third of the dividend following the huge fall in the retailer’s profits.
The announcement comes just weeks before the M&S annual shareholders meeting on July 8, in which it is thought Sir Stuart will come under further pressure to give up his controversial dual role as executive chairman.
The Local Authority Pension Fund Forum has filed a resolution for the meeting, which calls on M&S to split the roles by July 2010.
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