Martin Sorrell's farewell package faces investor backlash
Anger over the handling of Sorrell’s multimillion-pound departure payout is set to dominate WPP’s annual meeting in London
London — WPP’s decision to allow founder Martin Sorrell to quit with share awards worth millions of pounds faced fresh opposition on Tuesday as Hermes EOS advised shareholders to vote against the advertising giant’s remuneration report. Anger over the handling of Sorrell’s departure is set to dominate WPP’s annual meeting in London on Wednesday where investors will target the one issue that caused uproar during Sorrell’s tenure — the amount he was paid. WPP’s incentive plans have led to opposition in the past, with Sorrell earning about £200m in the past five years alone. A third of WPP’s investors refused to back his £70m pay package in 2016. Sorrell’s last award scheme could potentially pay out £20m but it is expected to come in well below that due to the recent underperformance of the group. Other shareholders are set to target the re-election of the WPP’s chairman, Roberto Quarta, after Sorrell quit the world’s biggest advertising firm following an inquiry into allegations of pe...
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