M&S boss facing shareholder quiz

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Sir Stuart - forced into a shock profits warning last week as shoppers turned their back on M&S - is under fire over his controversial role as executive chairman.

The combination of the chief executive and chairman jobs is against corporate best practice and has been opposed by several of the group's bigger investors.

Reports suggest up to a third could fail to support Sir Stuart's re-election to the post, dealing a severe blow to the authority of the man credited with the turnaround of the high street bell-wether since joining in 2004.

Sir Stuart has pledged to remain with the retailer until 2011 but could even face calls to resign.

Shareholders attending the meeting at London's Royal Festival Hall are also likely to pose tough questions to Sir Stuart over the tumbling M&S share price as trading conditions worsen.

A £1 billion-plus revamp of its stores has failed to bring in the shoppers, while head of food Steven Esom also left the company last week after little more than a year after the food business was hit by hard-pressed shoppers trading down from M&S's premium-end goods.

Last week's grim update, which came a week earlier than expected, showed an overall 5.3% fall in UK like-for-like sales in the 13 weeks to June 28 - the worst quarter for the company since April to June 2005.

This sent shares tumbling by a third, wiping almost £1.7 billion off the company's stock market value. The stock rallied amid speculation in the City about possible takeover interest.