Sir Martin Sorrell to receive £20m payout despite WPP shareholder rebellion
Sir Martin Sorrell will obtain a £20m payout after a majority of WPP shareholders backed the promoting agency’s pay report.
The corporate’s founder left all of the sudden eight weeks in the past following allegations of misconduct. Sir Martin later denied allegations within the Wall Road Journal that an inside investigation had regarded into claims he used firm funds to pay for a intercourse employee.
Regardless of a shareholder insurrection, the corporate’s remuneration report handed a vote at an annual basic assembly on Wednesday. A complete of 29.5 per cent of shareholders didn’t again the report, which included the £20m payout to Sir Martin. Round 16 per cent of buyers rejected the re-election of chairman Roberto Quarta.
WPP chairman Roberto Quarta ought to comply with Sir Martin Sorrell out
Two influential shareholder advisory teams – Glass Lewis and PIRC – had advisable buyers vote towards the report.
The promoting boss left WPP all of the sudden in April following an inside investigation by WPP into allegations of wrongdoing. Sir Martin denied the allegations however neither the main points of the investigation or its findings have been revealed, fuelling hypothesis.
A spokesperson for the previous WPP boss mentioned on Sunday: “Sir Martin signed a non-disclosure settlement when he stepped down which precludes him from discussing any of the circumstances surrounding his departure. He has rigidly adhered to this obligation and can proceed to take action.
“As regards the allegations which have appeared within the Wall Road Journal, Sir Martin strenuously denies them. He might be making no additional remark right now.”
Sir Martin based WPP 33 years in the past, constructing it into one of many world’s largest promoting teams.
Weeks after sensationally resigning, he introduced his return to the promoting world with a brand new enterprise referred to as S4 Capital.
WPP chairman Mr Quarta has confronted criticism for failing to implement a non-compete clause in Sir Martin’s contract which might have prevented him from organising a brand new promoting agency.
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