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PIRC is the UKs' leading independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility. Since 1986, it has been the pioneer and champion of good corporate governance within the UK.
Authoritative resource
PIRC has a wide spectrum of clients ranging from pension funds, faith-based investors, trade unions to banks and asset managers. Its Corporate Governance Service is an authoritative and vital resource for active investors, whilst its widely-read Shareholder Voting Guidelines provide a market-wide benchmark for investors and forms part of the movement for corporate governance reform and long-term wealth creation strategies for responsible investors.

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One in four M&S shareholders fails to support Rose

July 10 2008

The Independent

Nearly one in four Marks & Spencer shareholders refused to back executive chairman Sir Stuart Rose at the eagerly anticipated annual meeting yesterday, sending a clear signal that they want to see an improved performance in certain areas.

Some 4.9 per cent of voting shareholders were against Sir Stuart's re-election as a director, but 17.2 per cent, primarily institutional investors, withheld their vote. Nearly 13 per cent, counting abstentions, voted against the remuneration report.

The protest vote is significant because typically 98 per cent of shareholders vote in favour of a director's re-election, and a 17 per cent abstention vote is substantial.

Alan MacDougall, the managing director of the corporate governance body Pirc, said the vote demonstrated the "depth of investor unease". He said: "This vote is a clear signal from M&S shareholders that they have serious reservations about the company's decision to ignore well-established best practice. We urge the company to revert to separated chair and chief executive roles as soon as is practicable."