Rosen called to resign on WPP failure

STOR

STORS are calling for Jeffrey Rosen, the chairman of WPP’s compensation committee, to pay the price for the advertising giant’s embarrassment at its annual general meeting yesterday.

The company’s remuneration report, which handed chief executive Sir Martin Sorrell a 60 per cent pay rise last year, was rejected by a whopping 59.5 per cent of WPP’s shareholders.

While a majority of 78 per cent voted to re-elect Rosen, some shareholders are demanding the pay committee chairman holds his hands up and steps down from his position.

“The option not to do anything, in Rosen’s case, is just not on the table,” Abigail Herron, corporate governance manager at WPP shareholder Cooperative Asset Management told City A.M.

“He needs to be seen demonstrating that this is not going to be a repeat of last year, when there was a high level of shareholder dissent but no action from WPP,” she said.

Chairman Philip Lader said WPP will “move forward in the best interests of share owners”.