Shareholders in WPP, the world’s largest advertising group, have voted against the pay package for executives including chief executive Martin Sorrell.
The company reported that the vote against the remuneration report at Wednesday’s annual general meeting in Dublin was 59.5% of proxy votes. The vote is not binding.
Sorrell had been awarded a 60% rise in pay and other benefits to 6.8 million pounds ($10.6 million) for 2011. That included a 30% rise in his basic salary to 1.3 million pounds, a 2 million pounds annual bonus and 3 million pounds in deferred shares and other benefits.
Sorrell has defended his pay as a reward for performance. Despite the pay vote, he was re-elected as a director with 98% of the vote.
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In Canada, WPP’s agencies include Ogilvy & Mather, Grey Canada, JWT and Young & Rubicam.
