A couple of weeks ago, some of WPP‘s top investors issued a “red top” alert over a proposed 30 percent increase in pay for the company’s CEO, Sir Martin Sorrell. Now, they’ve lowered the boom with 60 percent of investors voting “nay” on a proposed pay package at the company’s annual meeting in Dublin.
“The message from shareholders was unambiguous and cannot be ignored. It is now in the compensation committee’s gift to reach out to WPP’s leading shareholders to address their concerns and implement mutually acceptable pay policies and practices,” Guy Jubb, global head of governance & stewardship at Standard Life Investments, told the Financial Times.
In 2011, Sir Martin’s salary increased 30 percent to £1.3 million, with total pay increasing 60 percent to £6.8 million (about $10.6 million).