June 13, 2018 / 11:36 AM / 2 months ago

WPP says 30 percent of shareholder votes fail to back Sorrell remuneration package

LONDON (Reuters) - Nearly 30 percent of WPP (WPP.L) shareholders failed to back its executive pay proposal on Wednesday as shareholders expressed their anger over the handling of founder Martin Sorrell’s departure.

A logo hangs on the wall outside the WPP offices in London, Britain April 30, 2018. REUTERS/Simon Dawson

Chairman Roberto Quarta had said that he accepted that some would find Sorrell’s share scheme unsatisfactory, but it pre-dated the current board. Sorrell left the company with his long-term share scheme in place.

Nearly 17 percent of shareholder votes failed to back Quarta’s re-election as chairman.

Reporting by Kate Holton, writing by Alistair Smout; editing by Jason Neely

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