Press Release
Amber Top-up issued on Marks & Spencer
23 June 2009
The ABI's Institutional Voting Information Service (IVIS) report has placed an amber top on Marks & Spencer. An amber top indicates that considered judgement is required by shareholders in voting.
Peter Montagnon, the ABI's Director of Investment Affairs, said:
"We have today published our report on Marks & Spencer on an amber top. In the course of preparing this report we were in contact with M&S as is frequently the case with companies in the run-up to publication. We wish, however, to stress that in light of the welcome decision of M&S executives to waive part of their performance share allocation, our voting service is content with current M&S remuneration policy and we are grateful to the company for the constructive dialogue we have had.
"The amber top relates specifically to the shareholder-requisitioned resolution concerning the timing over changes to the board structure. It is always our policy to amber top such shareholder-requisitioned resolutions because they require considered judgment on the part of all shareholders. The ABI does not comment on the specific substance of such resolutions."
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