According to the Telegraph, the demand is one option that investors are exploring to ensure M&S proves it has shareholder approval for its senior management shake-up, in which Rose was handed the dual role of chairman and chief executive until 2011.

One investor said: "We don't believe M&S has properly explained its actions. We're still not convinced this is the right decision. But if they are, they should prove it." The Combined Code recommends that the roles of chief executive and chairman remain separate to prevent a concentration of power in the boardroom. Legal & General, M&S's second-biggest shareholder, criticised the retailer a week ago, calling the reshuffle "unwelcome".