AAA-rated Buxton and Fidelity pile pressure on M&S's Rose

Marks & Spencer's chief executive Sir Stuart Rose is coming under ever more severe criticism for combining the twin roles of chief executive and chairman.

The move initially drew strong criticism from Legal & General but now Citywire AAA-rated Richard Buxton has added his voice to protests.

Buxton, head of UK equities at Schroders which owns 2% of the retailer said M&S had set an ‘appalling example’, while Peter Chambers, the chief executive of L&G which owns 4.3% of the company, last week expressed his firm’s own anger at the appointment.

He said: ‘We believe we have a moral responsibility to uphold corporate ethics in the UK and believe bellwether companies share this responsibility. We don’t believe M&S should be explaining why they are not complying. They should be complying.’

Fidelity, which owns 1.3% of M&S, is also said to have expressed the same viewpoint, although it is officially keeping tight-lipped.