'Over 25% WPP investors oppose pay plan for Sorrell after exit'
Investors have cast votes against a pay report to be discussed during the AGM on Wednesday, according to media reports.
Published - Jun 12, 2018 1:16 PM Updated: Jun 12, 2018 1:16 PM
Said to be unhappy over the pay benefits planned for former Chief Executive Martin Sorrell, more than 25% of investors at WPP have cast votes against a pay report to be discussed during the AGM on Wednesday, according to media reports.
It has been reported that investors are unhappy about remuneration arrangements that Sorrell will continue to enjoy after he has left.
The reports mention that a lot of WPP shareholders vote before the AGM and so the company already knows the result but has not announced it.
The AGM this year is attracting much attention following the high-profile exit of Sorrell in April. The 73-year-old founder of WPP quit the agency in the midst of investigation about “personal misconduct and misuse of company assets.” He has, however, denied the allegations.
Mark Read, CEO, Wunderman and WPP Digital, and Andrew Scott, WPP corporate development director and COO, Europe, were appointed joint chief operating officers of WPP after Sorrell’s exit.
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