The Marks & Spencer AGM is approaching rapidly. LAPFF chairman Ian Greenwood been meeting and talking with investors and their advisers recently with some success. Already a number of the proxy voting services which advise shareholders have recommended that their clients support our resolution. Meanwhile a number of individual investors have privately expressed support for the resolution.

In all its meetings with investors, not a single one has challenged the Forum’s analysis of the situation, or the rationale for filing the resolution. This is set out in detail here. It is clear that investors do not believe that breaching the Combined Code by combining the roles of chairman and chief executive was necessary for succession planning.

In effect then shareholders do not accept the formal explanation given by the company for its governance structure. Most institutional investors’ corporate governance and shareholder voting guidelines state that they do not support the combination of roles unless there is a compelling reason to do so. In theory then if investors follow their own guidelines we ought to expect to see them vote in favour of our resolution, since it effectively calls for the company to revert to compliance with the Combined Code.

The AGM takes place on July 8th.