LONDON (Reuters) – WPP’s decision to allow founder Martin Sorrell to leave without losing his future share awards met with opposition on Tuesday as Hermes EOS advised its shareholder clients to oppose the advertising giant’s remuneration report.
“Given the lack of confirmed information about the reasons for the former CEO’s departure, we do not believe we can assess whether his termination package is appropriate,” Hermes EOS’ Pauline Lecoursonnois said in a statement.
WPP - World - Advertising - Agency - Sorrell
WPP, the world’s biggest advertising agency, agreed Sorrell could leave with his share scheme intact in April after an allegation of personal misconduct. The former CEO has denied any wrongdoing.
While Sorrell had built the company from nothing to dominate the industry over 30 years, investors had rebelled in the past over the size of his pay scheme which made him, at times, the highest paid boss in Britain.
Hermes, which advises...
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