Corporate advisory body Pirc (Pensions and Investment Research Consultants) has urged investors to vote against the re-election of Sir Stuart Rose at Marks & Spencer's agm next month.

Sir Stuart was appointed CEO and executive chairman earlier this year but the decision has led to a storm of investor criticism.

In guidance sent to its members yesterday, Pirc wrote that the dual role represented "a dangerous concentration of power that is potentially detrimental to board balance, effective debate and board appraisal”.

Meanwhile, the Association of British Insurers yesterday issued voting guidance on the retailer with an 'amber top' - which urges shareholders to consider the issues carefully before voting, according to the Guardian.