The chief executive of advertising giant WPP had his £30m pay package challenged by shareholders for the second time in two years, it has been revealed.
During the company’s annual meeting, held yesterday at London’s Shard, 28% of shareholders failed to support Sir Martin Sorrell’s backward-looking remuneration report, whilst 27% rejected the company’s forward-looking remuneration policy. Both were passed, however, on the basis of proxy votes previously cast by WPP shareholder groups.
Sorrell’s pay soared by 70% in 2013, making him the highest paid executive in the FTSE 100. The company has reported a 7.6% rise in revenue so far this year, although its shares saw a slight drop yesterday, by 0.8% to 1238p yesterday.
This is not the first time that shareholders have rebelled over WPP pay. In 2012, 60% of shareholders refused to support its pay policy. Commenting on yesterday’s challenge, the departing chairman Phil Lader told City AM: “It is my personal view that it would be unfair if something that was put in place by 80% of the shareholders years ago and the arithmetic computation reaches a certain number, to turn to 12 of the senior executives and say ‘I’m sorry, but no longer is that applicable to you’. In fact that might even raise a legal issue.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.