M&S 'set to face investor revolt'

Sir Stuart recently warned the UK faces 'stormy times ahead'

Marks & Spencer is likely to face a shareholder revolt at its annual general meeting, a report suggests.

Up to a third of investors are set to vote against appointing Sir Stuart Rose as executive chairman, or abstain from the vote, the Sunday Times says.

Investors are understood to be upset at him being given the dual role of chief executive and executive chairman, which breaks corporate governance guidelines.

Wednesday's AGM comes a week after the group issued a shock profit warning.

M&S shares sank by 24.5% after the retailer revealed like-for-like sales sank by 5.3% in the past three months.

Sir Stuart added to the gloom by warning that the current problems with sliding consumer confidence would be "more of a two-year problem than a two-month one".

According to the Sunday Times, two big investment funds - Schroders and Legal & General - are behind the shareholder rebellion, while a further four big shareholders are likely to vote against the company's accounts to register their dissatisfaction with Sir Stuart's appointment.