- P&G in Advanced Talks For Drug Business
- Two Biggest US Pension Funds Suffer Huge Losses
- Apple Profit Tops Forecasts on Strong iPhone Sales
- Singapore Sovereign Wealth Fund Loses New CEO
- AMD Posts Wider-Than-Expected Loss; Shares Tank
- Wall Street Analysts Are Wrong, But Is the Market Right?
- Earnings on Crash Diet of Cost-Cutting, Weak Revenue
- Happy Days Are Here Again, Or Are They?
- Starbucks Profit Tops Expectations; Shares Soar
- Apple Wallops Wall Street
- Morgan Stanley Earnings Preview: What to Expect (Video)
- Apple On Deck for Another Dinger?
- How Will You Spend Your Furlough?
- Watergate is a Steal
- So Much For That 'Watson Bump'
- Expect Apple to Report Strong Earnings: Strategist
- Stock Strategy: Techs That 'Trade Beautifully'
- Pros Say: Recession Will End in 1-2 Quarters
Text Size 
British retailer Marks & Spencer survived a big shareholder rebellion over its management succession plan on Wednesday, a 38 percent of investors called on it to appoint an independent chairman by next July.
The clothing, food and homewares group has been under fire from some investors since last May, when it allowed executive chairman Stuart Rose to combine the roles of chairman and chief executive -- against corporate governance guidelines.
The 125-year-old firm has said it will appoint a new chief executive next year and that Rose will stand down as chairman in July 2011 at the latest.
Rebel shareholders, led by the Local Authority Pension Fund Forum, had called on it to appoint an independent chairman by July 2010, but this was opposed by 62 percent of shareholders in an indicative vote at the company's annual general meeting.
The number of abstentions was not immediately available.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes