Shareholder advisory group ShareSoc has recommended its members reject the remuneration package of WPP chief executive Sir Martin Sorrell.
The advice, issued today ahead of the firm’s 8 June AGM, comes after WPP last month confirmed Sorrell’s total pay package for 2015 totalled £70m. The figure included a £62.8m long-term bonus.
Advising members to vote against the remuneration report resolution, ShareSoc said Sorrell’s package is “far too high”.
Sharesoc director Cliff Weight said: “In my view, it should be significantly less than half this amount – that would be much more reasonable and certainly more than adequate.”
He added: “In view of his shareholdings and existing incentive awards, I don’t see why he needs to be given any more incentives. I don’t think it will make him work any harder.”
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In an interview in April, Sorrell defended his pay package.
Asked if he feared a shareholder revolt of WPP's AGM, he told Press Association: "We have shareholder votes every year. It is what it is. Shareholders will decide. It's very democratic. We're always engaged with shareholders with anything and everything."
He added: "Most of my wealth, if not all of it, is and has been for the last 31 years tied up in the success of WPP. So if WPP does well, I do well, and others in the company do well. If we do badly, we suffer."