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Peter Montagnon of the Association of British Insurers said the vote demonstrated the "discernible level of unease" among those with stocks and shares in the company regarding the proposals and last week's profit warning.
"The company said it wants to strengthen the independent presence on the board and it needs to examine what this means in consultations with shareholders," he said.
The shareholder revolt was one of the biggest in recent City history, reports the Financial Times.
One issue of contention was the 5p charge levied on plastic bags which was introduced to boost the companies green credentials.
Sir Stuart said the move would be kept under review.
Marks and Spencer has also decided to close its three stores in Taiwan, according to Reuters.
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