Marks & Spencer chairman Luc Vandevelde is expected to come under increased pressure when leading institutional shareholders use this week’s trading statement as an opportunity to quiz him about his commitment to the firm.
The showdown comes as shareholders become increasingly frustrated by Vandevelde’s lengthening list of outside interests and directorships.
Robert Talbut, chief investment officer at institutional shareholder Isis Asset Management, said: “It is reasonable to ask how much time the company’s executives are giving at the moment and how much effort is being brought to bear the company’s problems.”
CSFB analyst Tony Shiret said: “Following dismal news from Sainsbury’s we admit to some trepidation that M&S will administer the same unpleasant medicine when it updates on fourth-quarter trading.”
No comments yet