M&S's Rose faces shareholder revolt - report

LONDON, July 6 (Reuters) - Marks and Spencer (MKS.L: Quote, Profile, Research, Stock Buzz) Chairman Stuart Rose is set to face a revolt from up to one third of its shareholders at its annual meeting on Wednesday, the Sunday Times said, citing sources.

Marks and Spencer (M&S) issued a shock profit warning last Wednesday, sending its shares tumbling and fuelling doubts about Rose's strategy.

The newspaper cited unnamed sources as saying M&S' board will face a revolt among 20-30 percent of its shareholders, most of whom comprise City institutions.

Shareholders will vote on Rose's controversial move from chief executive to executive chairman, against corporate governance guidelines.

About half the rebel shareholders will vote against Rose's election and half will abstain - indicating displeasure without registering a no vote, the Times reported.

M&S declined to comment on the Sunday Times article, as did large shareholder Legal & General (LGEN.L: Quote, Profile, Research, Stock Buzz). Another institutional shareholder, Schroders (SDR.L: Quote, Profile, Research, Stock Buzz), was not immediately available for comment.

M&S has also put under review its 600 million pound ($1.19 billion) share buyback programme, the Sunday Telegraph reported separately, citing executives close to the retailer.

An M&S spokeswoman told Reuters on Sunday the company will seek permission to continue the buyback at Wednesday's shareholders meeting.

(Reporting by Hsu Chuang Khoo; Additional reporting by Mark Potter; Editing by Erica Billingham)