Thursday June 14, 2012
No pay hike for WPP’s Sorrell
DUBLIN: Shareholders at the world’s largest advertising agency WPP gave a thumbs down to a big pay rise for chief executive Martin Sorrell yesterday with 59.5% 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 60% increase in Sorrell’s pay because it far exceeds the scale of returns enjoyed by investors. Sorrell has argued that he deserved his £6.8mil (US$10.48mil) pay for turning WPP into the world’s leading advertising group. – Reuters