M&S wins backing for 'less stringent' pay plan

Marks & Spencer boss Stuart Rose will have to meet tougher targets to earn this year’s potential £4.2m (€6.2m) share bonus after the retailer succumbed to shareholder pressure, it emerged today.

The food-to-fashion chain has upped the earnings per share targets that its boss must meet in an attempt to head off shareholder dissent after warnings from the Association of British Insurers (ABI), whose members control 20% of UK company equity.