LONDON (ShareCast) - In much the same way that Gordon Brown is probably wishing he called a General Election last Autumn when the going was (relatively) good, so must Sir Stuart Rose be wishing that the vote on his controversial elevation to executive chairman of Marks & Spencer had taken place before last week’s profit warning took some of the gloss off his reputation.

At tomorrow’s Annual General Meeting (AGM) around a quarter of the company’s institutional investors are expected to abstain or even vote against Rose’s re-election to the board.

It is not Rose’s management abilities that the dissident shareholders are questioning; the votes against Rose’s appointment will be in protest at the combination of the role of chairman and chief executive, a practice that contravenes corporate governance guidelines.

Though there is little doubt that Rose’s power grab will be rubber-stamped, the AGM could prove a torrid time for him and his fellow directors, with rumours of a sizeable revolt against the new executive incentive plans too.

M&S’s shares have lost a quarter of their value since last week’s trading update in which the company said first quarter UK like-for-like sales fell 5.3%, and warned that tough conditions are here to stay for two years.

Total sales in the 13 weeks to end June rose by 1.6% boosted by 24.5% increase from the international arm, but UK sales were down 0.5%.

The shares are trading at almost half the price Sir Philip Green, owner of Bhs and Arcadia Group, was willing to pay for Marks & Spencer in his abortive bid back in 2004.

Rumours circulated in the market on Tuesday that Green is preparing another tilt at M&S, while others were speculating that supermarket chain Sainsbury is considering a bid.

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