M&S shareholders Legal & General, Standard Life, ABP, RailPen and the Co-operative Insurance Society will all reportedly either abstain or vote against the dual role, first announced in March, according to reports.
“I would be amazed if it was less than 20% and a bit surprised if it was more than 30%,” a source told the Financial Times. “I'm sure last week's announcement didn't help, it made it easier to say no.”
Last week the retailer revealed a shock 5.3% drop in first-quarter like-for-like sales and a 4.5% fall in like-for-like food sales. Director of food Steven Esom also left the company.