Stuart Rose: Rose’s ransom

Stalwart institutions are having conniptions over Stuart Rose’s promotion to executive chairman at Marks & Spencer. This hybrid role of chairman and chief executive is rightly frowned on in UK corporate governance circles as granting too much power to the holder. Fund managers Schroders and L&G have vented their ire publicly. Morley and Fidelity have reportedly done so privately. They are right to be displeased – but wrong to blame Rose. The UK’s light-touch rules on corporate governance allow ...