The shareholder ‘spring’ sweeping FTSE 100 companies arrived in Dublin yesterday, as investors in advertising giant WPP Plc voted against the pay packages of its directors, including chief executive Martin Sorrell.
In a rare move, almost 60 per cent of shareholders voted against the proposed remuneration, which included a 56 per cent increase for Mr Sorrell. Investor groups including ISS and Glass Lewis had urged shareholders to vote against the increase in Mr Sorrell’s pay package, which including long-term incentives was worth £11.6 million last year.
Almost 22 per cent of shareholders also voted against the re-election of Jeffrey Rosen, the WPP director who chaired its remuneration committee.
Afterwards, Ms Rouse said it was “extraordinary” that the pay revolt had not been explicitly mentioned by either Mr Sorrell or Mr Lader during their presentations to shareholders on the performance of the company.
The board was “either incompetent or arrogant” to set itself on “a collision course” with shareholders, she added