Rose hits bum note over Lane Fox karaoke

Sir Stuart Rose enraged Marks and Spencer shareholders earlier this year when he suddenly jumped - with the help of M&S's board - from being chief executive to executive chairman of the company. Perhaps this is why he has come under attack for a private investment he's made in a karaoke company owned by fellow Marks and Spencer director and former internet darling Martha Lane Fox (pictured).

Sir Stuart invested in Lane Fox's company, Lucky Voice, which has bars in London and Manchester, in January but news of his interest emerged only this month. Although there is no suggestion of impropriety on either's part, leading shareholders in M&S are calling for the retailer to justify how Lane Fox, co-founder of Lastminute.com, can still be deemed independent under the Combined Code on corporate governance and therefore remain on the committees.

Investors are particularly sensitive to potential breaches of the code by the M&S board after Sir Stuart won the support of fellow directors for his controversial promotion. (Continued below)

Peter Montagnon, director of investment affairs at the Association of British Insurers, told the Financial Times: "This is another example where the company has deviated from the code and needs to provide an explanation to investors if they wish Ms Lane Fox to remain independent."