WPP is one of the world’s largest communications services groups.
WPP plc (LON:WPP) annual general meeting held today (13 June 2018) was a feisty affair, with Sky News reporting that more than a quarter of investors have cast votes against a pay report, angered by benefits for the advertising giant’s former chief executive Martin Sorrell.
Nearly 30% of investors failed to back WPP’s remuneration report — a tried and trusted method for City bigwigs to chastise errant company boards. There was also a smaller protest at chairman Roberto Quarta, with 17% of investors declining to approve his re-election to the board.
WPP may judge that this could have been worse; the company is no stranger to pay revolts, thanks to the whopping awards handed to Sorrell in former years.
Sorrell’s shock departure, and subsequent allegations of paying sex workers in petty cash and bullying junior WPP staff, loomed over the AGM at London’s South Bank.
Shareholders also challenged WPP over its pay scheme — there was anger that the next CEO’s bonus could be eight times their basic pay.
The company was also criticised for launching a share buyback scheme, as the share prices has fallen sharply in the last year.
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