Proxy giant wants details of WPP Sorrell probe to be made public

 
Oliver Gill
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Sir Martin Sorrell took over at WPP in 1985 (Source: Getty)

One of the world's most influential shareholder adviser groups today said it would "prefer" advertising titan WPP to publish a secret report into allegations of misconduct by outgoing chief executive Sir Martin Sorrell.

Glass Lewis said revealing WPP's probe details would help provide better transparency. But it admitted publication was "unlikely".

Sorrell announced he would step down as WPP boss over the weekend. Allegations of impropriety against the advertising tycoon had put "too much unnecessary pressure on the business".

Earlier today WPP said the investigation has concluded. "The allegation did not involve amounts that are material," the advertising firm said in a statement.

"In the interests of transparency, we would prefer if the report was made available to shareholders, though we view that outcome as unlikely," said Glass Lewis UK & Europe director of research Martin Mortell.

Read more: WPP share price falls after Sir Martin Sorrell steps down

Precise details of Sorrell's alleged wrongdoing have been extremely limited. Numerous City sources have suggested it may be in most people's interests for the allegations to remain private.

Mortell added:

Some investors may be willing to forego transparency in lieu of achieving overdue change at the top and the opportunity of a new strategic vision.

Read more: Good fortune and Godspeed: Sir Martin Sorrell steps down from WPP

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