WPP is bracing for a fiery annual meeting this Wednesday amid calls for more information about ousted chief executive Sir Martin Sorrell’s departure.
Two shareholder advisory groups – Glass Lewis and PIRC – are urging investors to reject the group’s pay report, which includes a payout to Sir Martin, and block key appointments.
The advertising guru, 73, left WPP after leading it for more than 30 years amid allegations of personal misconduct.
Glass Lewis and PIRC – are urging investors to reject WPP’s pay report, which includes a payout to Sir Martin Sorrell (pictured)
WPP carried out an inquiry into allegations that Sir Martin misused company funds but the details remain shrouded in secrecy.
Glass Lewis has said that without more information, shareholders are unable to determine whether Sir Martin was a ‘good leaver’, however.
It says this raises serious questions about WPP’s pay plans.
Sir Martin is in line to receive £14million from the group, having received £48.1million the year before.
He will also hoover up nearly £20million in payouts over the next five years as part of an exit deal with WPP.
PIRC said the payoff – equivalent to 1,060 per cent of his salary – was excessive.
Investors have also been advised to vote against the re-election of chairman Roberto Quarta for failing to adequately prepare for Sir Martin’s replacement.