A groaning in-tray awaits the new chairman of Marks & Spencer. The doyenne of high street retail is still grappling with its food stores and trying to keep its clothing business on track.
Before the day-to-day challenges of the business can be addressed, however, M&S needs to bring its shareholders onside. The forthcoming annual meeting is poised to descend into a bun-fight yet again. A sizeable protest vote can be expected over plans to pay a bonus to outgoing chairman Sir Stuart Rose. It has become an annual battle.
Over the past few years the retailer has done about as much for corporate governance as Jack the Ripper did for the welfare of women in London’s East End.
It all started when Rose decided to