94.1 per cent of shareholders voting approved the elevation, although about 17 per cent abstained, indicating their concerns.
After last week’s profit warning, Rose was insistent the right decisions were being made. He said: “M&S will have been on the high street 125 years next year. It will be there for 100 years to come. It is bigger than any individual and that includes me. Be clear, when my job is done, I will go.”
Many of M&S’s army of private shareholders showed they were indifferent to the corporate governance row. About 2,000 turned up to the AGM and a stream of questions about clothing styles, plastic bags and charitable donations preceded any mention of the issue.
Once the subject was raised, deputy chairman Sir David Michels gave Rose his full backing. He said: “We are convinced history will show we have made the right decision.”
Rose insisted M&S’s store revamp programme has been worthwhile and that it is right to continue investing, even during the downturn. He said: “We have to maintain a balance between prudence in the short term and confidence in the long term.”
No comments yet