LONDON (Alliance News) - A group of WPP PLC shareholders continued to express unhappiness with Chief Executive Martin Sorrell's pay-package at the company's annual general meeting Wednesday, the Financial Times reported, with 16% of investors voting against the boards remuneration policy.
Including those who opted not to vote, 27% of the shareholder base did not back the pay policy, the report said.
Although some shareholders are still unhappy with Sorrell's pay, the amount who opposed the policy is lower than in previous years. In 2012, 60% of shareholders revolted against the policy.
As a result of this revolt, the company consulted with shareholders and made a number of changes to its executive pay policy, including cutting Sorrell's base salary and pension.
At last years annual general meeting, 19% of shareholders opposed the policy.
Sorrell's pay package rose 70% last year to GBP29.8 million, mostly as a result of share awards from the company's long-term incentive plan.
A spokesperson for the company was not immediately able to comment.
At the annual general meeting, the media buying giant said its revenue had risen in the first five months of the year, whilst gross margin and profits were ahead of the previous year and in line with its targets.
Shares in WPP were trading down 0.6% at 1,240.00 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
WPP (WPP)
