At annual WPP meeting, one-fifth vote against Sorrell's $65 million package

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Martin Sorrell.
Martin Sorrell.

The network reported an 8% rise in revenues for the first third of 2015

Around 20% of WPP investors have voted against chief executive Sir Martin Sorrell's £43 million ($65 million) pay packet at Wednesday's annual general meeting.

Sorrell’s pay will be a 44% increase on 2014, and means that he will continue to be the highest-paid chief executive in the FTSE 1000 index of companies on the London Stock Exchange.

The vote follows investor advisor’s reporting last week that Sorrell’s package is "exceptionally high."

The increase follows a rise in Sorrell’s long-term share initiatives, which rose to £36 million ($56 million) in 2014 from £22.7 ($35.2 million) million in 2013.

The bonus is part of WPP's Leadership Equity Acquisition Plan (Leap), a scheme that runs in line with the company’s performance.

At today’s AGM, WPP reported revenue for the first four months of the year up 8% at £3.78 billion ($5.85 billion). Sorrell said that like-for-like revenue grew by 5%.

In the UK, WPP reported constant currency growth of 17.2%, up 8.1% like for like, remaining the strongest region.

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