WPP shareholders stage pay revolt at annual meeting
Firm defends handing Martin Sorrell £20m of future share awards on ‘very clear’ legal advice
WPP has defended its handling of Sir Martin Sorrell’s abrupt departure at a tense shareholder meeting where almost 30% of investors staged a pay revolt.
The chairman, Roberto Quarta, said the advertising group had received “very clear” legal advice that WPP’s founder and former chief executive was entitled to retain £20m of future share awards, despite allegations of personal misconduct.
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Author: Angela Monaghan, Rob Davies and Graeme Wearden