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Risk Metrics asks M&S to split roles
INFLUENTIAL shareholder advisory body Risk Metrics has joined calls for Marks & Spencer to split the executive chairman role held by Sir Stuart Rose in two and appoint an independent chairman.
It added its voice to that of the Local Authority Pension Fund Forum (LAPFF), which has filed a resolution for the 8 July annual shareholder meeting calling on M&S to appoint an independent chairman by July 2010.
An LAPFF spokesman yesterday said: “A number of leading institutions use Risk Metrics recommendations to decide on how to vote. It shows the LAPFF view is widely held.”
Rose on Monday waived his entitlement to more than £1m in shares in a bid to appease shareholders.