LONDON, May 18 (Reuters) - Investor advisory firm ShareSochas called on members to reject executive pay plans at WPP, branding the bumper package offered to Chief ExecutiveMartin Sorrell "remuneration creep" after years of multi-millionpound earnings.
WPP shareholders will take part in a non-binding vote on thecompany's 2015 remuneration report on June 8.
ShareSoc, which advises individual private investors inBritish companies, said it acknowledged the positive performanceat the advertising company in recent years but said the quantumof Sorrell's pay and incentives was unnecessarily high.
ShareSoc estimates that Sorrell, who earned 70 millionpounds in 2015, has been paid 191 million pounds since 2009 andhis 1.8 million potential future share awards would be worth anadditional 78 million pounds if they all vested.
The entrepreneur, who has drawn sharp criticism amonginvestor groups over pay for several years, has an annual bonusmaximum opportunity of 435 percent of salary and a long-termincentive annual award of 974 percent of salary.
He also received 1.5 million pounds of dividend equivalentpayments and 460,000 pounds of pension contributions, "eventhough he is 71 years old and well past the normal retirementage", ShareSoc said.
"In view of his shareholdings and existing incentive awards,I don't see why he needs to be given any more incentives. Idon't think it will make him work any harder," ShareSoc directorand remuneration spokesman Cliff Weight said in a statement.
"It is yet another example of remuneration creep," he said.
WPP Chairman Roberto Quarta defended WPP's pay plan in thecompany's annual report last month, pointing out the scale ofSorrell's contribution to the company's "outstanding set ofreturns to shareholders". (Reporting by Sinead Cruise; editing by Jason Neely)