Marks & Spencer chairman waives rights to some shares awarded in performance scheme

MKS) said chairman Sir Stuart Rose and executive marketing director Steve Sharp have waived rights to some of the shares awarded to them on June 11 under the performance share plan.

Rose and Sharp waived entitlement to 394,967 and 197,484 shares, respectively, representing a third of the allocation awarded to then by the remuneration committee.

The chairman said: “Following feedback from shareholder representative bodies, Steve Sharp and I have decided to waive our entitlement to 197,484 and 394,967 shares respectively. The board of M&S is acutely aware of the governance issues we face and the importance of good shareholder relations. Our decision today reflects this.”

Rose was entitled to 1,184,900 shares under the plan announced on June 11 and will now get 789,933 shares. Sharp was entitled to 592,450 shares under the plan and will now get 394,966 shares.

Womenswear director Kate Bostock will still get the 349,528 shares she was awarded and finance director Ian Dyson will get the full 471,862 shares entitlement.

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