WPP is reportedly facing a pay revolt this week as one of its largest investors – Standard Life – is expected to issue a public reprimand to the ad giant over boardroom bonuses.
According to the Sunday Times an annual meeting will be held on Tuesday (9 June) during which outgoing WPP chairman Philip Lader will be challenged over a £43m package for chief executive Sir Martin Sorrell.
The agenda for the meeting echoes previous concerns from WPP investors regarding Sorrell’s pay, which last year saw 30 per cent of shareholders fail to back a £30m payout for him for 2013.
Last year Sorrell’s pay increased 43 per cent, leading to his status as the highest paid FTSE 100 chief executive.
The Drum has reached out to WPP and Standard Life but had not received a response by the time of writing.