Marks & Spencer is facing fresh pressure over staff pay after investors managing $3.2tn, approximately £2.4tn, raised concerns ahead of the retailer’s annual general meeting.

The investor statement, backed by firms including BNP Paribas Asset Management, Achmea Investment Management and Border to Coast Pension Partnership, will be read to the M&S board at its AGM on Tuesday 7 July.

The group is calling for M&S to set out a clearer path back to paying the real Living Wage, after the retailer came under shareholder pressure over low pay last year.

ShareAction head of good work Louise Eldridge said: “M&S is a trusted British brand, which makes it all the more disappointing to see it fall behind the real Living Wage and provide so little clarity on pay for staff.

“At a time when millions of workers are struggling with the cost of living, backsliding on pay should raise real questions about governance.”

The renewed call comes after 31 per cent of M&S shareholders backed a resolution last year calling on the retailer to address low wages across its workforce.

The resolution was co-filed by ShareAction, Scottish Widows and Friends Provident Foundation. A petition facilitated by Organise and signed by 23,000 customers and staff was also handed to the M&S board at its 2025 AGM, urging the business to pay all staff the real Living Wage.

Eldridge added: “After 31 per cent of shareholders called for action on pay last year, investors now want to see a clear path back to paying staff a real Living Wage.

“Greater transparency is now vital to rebuild confidence around how the company is supporting the workers who keep its stores running.”

ShareAction said its Good Work team works with investors to tackle income inequality and in-work poverty by encouraging major listed businesses to provide decent work, a guaranteed Living Wage and secure contracts.

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