Sir Stuart Rose will have to fight for his job

Sir Stuart Rose is in for a sticky time at the Marks & Spencer’s shareholders' AGM next month. Moves are afoot to take away his recent promotion – in March he was made chairman of the retail chain, while still retaining his chief executive role – an appointment, say his critics, that is in direct contravention of the City code on boardroom standards.

There are some mighty forces lined up against him. Corporate governance research group Pensions and Investment Research Consultants (PIRC) has advised its clients, who include many local authority pension funds and faith-based investors, to show their disapproval of Rose's new position. It believes chief executives should not be promoted to the chairman's role and it also warns against an individual simultaneously holding the roles of chief executive and chairman.

And Legal & General, one of the retailer's top five investors, are likely to follow suit, having already described Rose's joint role as "potentially damaging".

In a bid to soothe angry investors Rose agreed to put himself up for re-election to the M&S board annually, rather than every three years as required by law, but PIRC are indifferent to the offer. A spokesman said: "The roles of chairman and chief executive are completely different and should be separated."