April 8, 2008
Column: M&S shareholders should think before they speak
Dear Shareholder,
You have asked me to explain my outburst of a few days ago, when I threw down my copy of the Financial Times and declared, to no one in particular: “Why don’t some of these shareholders just shut up?!” I am now writing to provide some detail of my deliberations prior to making that outburst.
We have been told in recent days that the proposed changes in the Marks and Spencer boardroom are “in breach” of the UK’s combined code on corporate governance.
Apparently the English word “or”, as in “comply or explain”, has lost its meaning. M&S has, slowly and in stages, provided an explanation. You may not like that explanation. But its move does not necessarily constitute a breach of anything.
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