Sir Martin Sorrell faces shareholder revolt over £43 million pay packageComments Off on Sir Martin Sorrell faces shareholder revolt over £43 million pay package
Ahead of the meeting in the West End, it was suggested that as many as 30% of shareholders could vote against chief executive Sorrell’s pay package, although the vote is not binding on the board.
Ashley Hamilton Claxton, corporate governance manager at Royal London Asset Management, said: “There is no doubt that Martin Sorrell is a successful CEO who has created value for shareholders, but sometimes investors need to ask themselves ‘when is enough, enough?’ In our view, £43 million is more than enough.”
She also questioned why Sorrell, on £43 million, received £274,000 for spousal travel expenses.
“Although it’s not a lot of money in relation to the size of the company, it does add insult to injury,” she said.
Guy Jubb, head of governance at Standard Life, flew from Edinburgh for the meeting and was expected to criticise the board and particularly its outgoing chairman Philip Lader, a former senior White House official.