Money WPP investors revolt over Sir Martin Sorrell's exit pay

06:15  14 june  2018
06:15  14 june  2018 Source:   cityam.com

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The chairman of WPP is facing a shareholder backlash over the advertising company’ s secretive ousting of Sir Martin Sorrell after a leading advisory group recommended that investors oppose his re-election at next month’ s annual meeting.

Roberto Quarta should be ousted for handling of chief executive’ s exit , says Glass Lewis.

a person holding a sign © Provided by CityAM WPP has voted to reinstate chairman Roberto Quarta, despite facing a fierce shareholders revolt over the pay packet Sir Martin Sorrell received when he left the company. 

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Sir Martin Sorrell : the former WPP chief executive has denied misconduct allegations. The rising unrest at unbridled boardroom pay boiled over into a series of investor revolts , with Sorrell one of its most high-profile scalps.

WPP yesterday pledged to open talks with shareholders after suffering a shareholder revolt over chief executive Sir Martin Sorrell ’ s pay rise. By Andrew Johnson. PUBLISHED: 00:00, Thu, Jun 14, 2012.

At the company's annual general meeting (AGM) today, 17 per cent of shareholders voting by proxy went against Quarta's reappointment. But a significant proportion of investors took issue with WPP's pay report, as nearly 30 per cent voted against it when including abstentions. 

Investors have questioned the nature of Sorrell's departure and whether the hefty remuneration package he received on his departure was appropriate given the circumstances in which he left the company. 

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To put it mildly, the WPP board’s handling of Sir Martin Sorrell ’ s exit seems confused. WPP chairman faces investor revolt over unpublished Martin Sorrell report. Martin Sorrell ' s WPP pay plunged to £13.9m for last year in charge.

Defiant: Martin Sorrell battled a shareholder revolt as more than a third of investors voted against his pay packet, which tops £70m. Man who built an empire. Martin Sorrell , 71, has been at the helm of advertising giant WPP for 30 years.

The board of the advertising behemoth were asked tricky questions by shareholders, many of them revolving around former boss Sir Martin Sorrell and the events that followed his exit from the company in April. 

Related: Explosive allegations of brothels and bullying: The inside story of Sorrell's WPP downfall

  WPP investors revolt over Sir Martin Sorrell's exit pay © Reuters

Speaking at the AGM, chairman Roberto Quarta defended the company's handling of Sorrell's resignation, as he said the process the board followed was "robust both from a governance and legal perspective." 

"Although we have confirmed that the matter was financially wholly immaterial to WPP, we understand why some would like the company to disclose or confirm further details of the allegations," he said. 

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Share on Tumblr. Martin Sorrell . WPP investors are set to lodge a significant protest over Sir Martin Sorrell ’ s pay -off but executive chairman Roberto Quarta is expected to survive. City sources said a majority of shareholders are set to back Quarta at WPP ’s annual general meeting on 13 June

Shareholders revolt over WPP founder Sir Martin Sorrell ’ s £6.8m pay package. Chris HootonThursday 14 Jun 2012 9:32 am. Share this article with Facebook Share this article with Twitter Share this article with Google Plus Share this article through email Share this article with Whatsapp

"However, right from the outset, the board has acted in accordance with unequivocal legal advice that data protection law prohibits us from doing so."

Following allegations over Sorrell's conduct towards staff, Quarta reiterated that "everyone should be able to raise concerns and have them acted upon as appropriate." 

​He also assured shareholders that the board was ready for the departure of Sorrell, despite his sudden resignation. Quarta said plans to replace Sorrell were "well advanced and moving forward rapidly."

A number of shareholders made their feelings about the generous pay Sorrell was given on leaving the company, which allows the ad guru to pocket awards worth up to £20m.

Hermes EOS, which represents around 1.6 per cent of shareholders, said it was not happy about the lack of transparency around WPP's investigation into Sorrell at the meeting. 

Martin Sorrell’s downfall: why the ad king left WPP

  Martin Sorrell’s downfall: why the ad king left WPP <p>A tangled tale of whistleblowing and boardroom intrigue</p>Having worked 12 days on the trot, an extra long chauffeuring shift had finished with a request to pick up Sir Martin’s wife, Cristiana, from Isabel, a Mayfair restaurant, and drop her at the couple’s Belgravia home.

WPP chief executive Sir Martin Sorrell faces a shareholder revolt over his £43m pay award for 2014 after two leading investor groups criticised the package, which makes him the best paid boss on the FTSE 100.

Sir Martin Sorrell , who founded WPP 33 years ago, resigned on Saturday. The rising unrest at unbridled boardroom pay boiled over into a series of investor revolts , with Sorrell one of its most high-profile scalps.

Another shareholder asked Quarta to promise not to pay an "obscene" wage to the new chief executive of the company. 

A number of questions also focused on Sorrell's LTIP bonus, with one investor saying: "We are losing a lot of money since Sir Martin Sorrell left in a hurry."

Major shareholder groups, including GlassLewis, Pirc and US pension fund Calstrs previously said they would not vote to reinstate Quarta, leading to speculation over whether the chair could face a rebellion over his place on the board.

But Quarta still has many supporters amongst WPP investors - one being top 10 shareholder Harris Associates, who yesterday said it had backed Quarta's reinstatement to the board. ​​

The firm also updated shareholders on WPP's finances, as reported revenue for the first four months of 2018 was down 3.4 per cent at £4.8bn, while like-for-like revenue was up marginally, a slight improvement over the first quarter’s 0.1 per cent fall.  

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