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Corporate Governance at Marks and Spencer

by AppliedCG

Marks and Spencer has from time to time featured prominently in the corporate governance debate. Sir Rick Greenbury, one-time boss of M&S, led the follow up to Sir Adrian Cadbury’s ground-breaking Report in 1992 with a set of recommendations on directors’ remuneration, which later became part of the Combined Code. Sir Rick was seen by some as an interesting selection for this role in the light of his reputation as a man of overbearing manner whose complacency led Marks and Spencer into near terminal decline from which it has still not properly recovered. It was predicted that the focus on remuneration (arising particularly out of the excessively generous packages awarded in the newly privatized industries) would lead to a great inflation in directors’ pay. This…

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