Mr Rose is credited with fending off a takeover attempt

The bumper remuneration package followed a resurgent 12 months for the firm, whose annual profits grew 28.5%.

Mr Rose saw his salary rise from �975,000 to �1.05m - and was given a �2.6m cash and shares bonus.

Under a long-term pay plan, he also stands to get the firm's maximum bonus of four times his salary - worth �4.2m.

M&S's annual report revealed that Mr Rose was in line for a further �8m in cash and shares if the firm continued to grow profits at 10% or more.

Advertising success

Mr Rose is widely credited for turning around the company's fortunes when he took over in 2004, saving M&S from a takeover by millionaire entrepreneur and Arcadia owner Sir Philip Green.

M&S made �965.2m in the year to the end of March 2007, up from �751.4m the previous year.

The improved performance was driven by stronger demand for M&S food and clothing, which was supported by an advertising campaign featuring 1960s model Twiggy, singers Myleene Klass and Bryan Ferry, and other celebrities.

Overall the company paid bonuses of about �91m - which included �1.3m to finance director Ian Dyson and head of marketing Steven Sharp.