Marks & Spencer is facing its second investor revolt amid accusations that its boss, Sir Stuart Rose, wields too much power. The Sunday Times has learnt that institutional shareholders have secretly met Jan Du Plessis, an M&S independent non-executive director, within the past 10 days to voice their concerns. They want Rose to split his role of executive chairman and chief executive – a position contrary to corporate-governance best practice – and appoint a new senior independent director.

The meeting comes almost a year after M&S faced a shareholder rebellion at its 2008 annual meeting, when 22% of investors abstained or voted against Rose’s elevation to executive chairman. One leading investor told The Sunday Times: “We retain concerns about the M&S board – and we know a lot of other shareholders do. It is difficult to point to evidence that Rose’s combined role is benefiting the company and there are growing questions about the performance of the business.”

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