Martha Lane-Fox's NED role has been called into question after it emerged that Stuart Rose is backing one of her ventures.
The entrepeneur came under fire from investors for her non- executive roles at M&S because Sir Stuart Rose holds a 1.1% stake in her karaoke club Lucky Voice.
Concerns were raised that this compromised her position as an independent NED sitting on the audit and remuneration committees and was in breach of corporate governance rules.
Earlier this year, Sir Stuart was accused of flouting corporate governance rules after announcing that he would become executive chairman of the high street giant.
'This is another example where M&S has deviated from the code and needs to provide an explanation,' The Association of British Insurers told AP.
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