Thursday 14 December 2017

Shareholders vote down huge pay hike for WPP chief Sorrell

SHAREHOLDERS at the world's largest advertising agency WPP gave a thumbs down to a big pay rise for Chief Executive Martin Sorrell on Wednesday with 59.5pc of votes at its AGM opposing the group's remuneration report.

A number of advisory groups and leading shareholders at WPP had criticised a proposed 60pc increase in Sorrell's pay because it far exceeds the scale of returns enjoyed by investors.



Sorrell has argued that he deserves his £ 6.8m (€8.4m) pay for turning WPP into the world's leading advertising group with more than 160,000 employees across 108 countries.



The revolt - the latest attack on executive pay in what has become known as a "Shareholder Spring" - came as WPP said it had made a strong start to the year with operating profit both above budget and above last year's level.



Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business