Marks & Spencer chief executive Sir Stuart Rose won shareholder approval for his proposed role change to executive chairman at the annual general meeting today with only 5.9% voting against his re-election, a fraction of the number expected.

However, the results were skewed by 17.2% of shareholders, primarily institutional investors, withholding their vote in Rose's re-election. Abstaining from voting is seen as a sign of discontent, rather than anger, among shareholders.