WPP prepares contingency plans in case of shareholder pay revolt
WPP has begun to tone down its strident language against shareholders who have expressed criticism of the advertising giants pay policy by striking a more conciliatory note.
The firm has said it will now consult investors following Wednesday’s vote, which is expected to bring a shareholder revolt against Sir Martin Sorrell’s £6.8m pay, in a bid to stake out a solution that is acceptable to all sides.
WPP chairman Philip Lader said that the board would consult individual shareholders saying: “The board will have a proper, thorough proactive relationship with shareholders in getting to the bottom of what they really think. And only after fully considering that will they decide which is the best way to go.”
Sorrell had previously said that moves to curb his remuneration were “disturbing”.