Institutional investors in Marks & Spencer are pushing for fresh talks with the board over the way that the company is run as they prepare to mount the largest protest vote against the high street retailer for a decade.

Shareholders told The Times last night that whatever the outcome of today's M&S annual meeting, the company had to address concerns about how Sir Stuart Rose will manage the business as executive chairman after the profit warning that wiped £1 billion from M&S shares last week.

About 25 per cent of M&S shareholders are expected to abstain or vote against Sir Stuart's re-election at the meeting in protest over his dual role, a position that flies in the face of corporate governance best practice.

One investor said: “Whatever happens, we will want to speak to the company's management. The game isn't over on this one, especially in light of what happened last week.”

Speaking after a Fashion Retail Academy awards ceremony yesterday, Sir Stuart insisted that a large majority of shareholders supported the M&S board and its plans.

“The shareholders will do what the shareholders do. We will have a good day out,” he said.

“The company is the same as it was two weeks ago. The environment's changed, but we've got a clear plan and this is a very strong company.”

Shares in M&S rallied 7 per cent to 231p amid mounting speculation of a possible bid.

Sir Philip Green, who had a £9 billion takeover offer rejected four years ago, denied that he was building a stake after jokingly offering Sir Stuart his credit card at yesterday's awards ceremony.

He said: “I don't own any shares in any retailer.”

More than 2,000 private shareholders are expected to attend today's meeting.

Teresa Vanneck-Surplice, who took the M&S board to task over its “boring” underwear at the annual meeting in 1999, said: “I will be voting against Stuart. Power corrupts, and absolute power corrupts absolutely.”

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