Sir Martin Sorrell, the longstanding chief executive of advertising company WPP, received £70.4m in cash and shares last year in one of the biggest pay deals in UK corporate history.
Estimates of his 2015 pay deal have been made since the disclosure last month that Sorrell received nearly £63m in share awards. The advertising company’s annual report on Friday showed that a £4.2m annual bonus and other payments had pushed the total to £70.4m.
“While the value of Sir Martin Sorrell’s award is very large, it was the result of an outstanding set of returns to share owners,” said Sir John Hood, chairman of the WPP compensation committee.
Sorrell’s pay deal – which means he has received £190m since 2009 – is being announced at a time of renewed shareholder focus on executive pay, with two FTSE 100 firms – BP and Smith & Nephew – receiving “no” votes for the pay deals.
His figure for 2015 includes a £47,000 allowance for accommodation when he stays in his own home in New York.
Sorrell founded WPP in 1985 when he borrowed £250,000 to buy a stake in shopping basket maker Wire & Plastic Products. Through a series of acquisitions it is now the world’s biggest marketing and advertising group and an acquisitions machine, combining advertising agencies such as JWT and Ogilvy & Mather with PR companies.
Estimates of his 2015 pay deal have been made since the disclosure last month that Sorrell received nearly £63m in share awards. The advertising company’s annual report on Friday showed that a £4.2m annual bonus and other payments had pushed the total to £70.4m.
“While the value of Sir Martin Sorrell’s award is very large, it was the result of an outstanding set of returns to share owners,” said Sir John Hood, chairman of the WPP compensation committee.
Sorrell’s pay deal – which means he has received £190m since 2009 – is being announced at a time of renewed shareholder focus on executive pay, with two FTSE 100 firms – BP and Smith & Nephew – receiving “no” votes for the pay deals.
His figure for 2015 includes a £47,000 allowance for accommodation when he stays in his own home in New York.
Sorrell founded WPP in 1985 when he borrowed £250,000 to buy a stake in shopping basket maker Wire & Plastic Products. Through a series of acquisitions it is now the world’s biggest marketing and advertising group and an acquisitions machine, combining advertising agencies such as JWT and Ogilvy & Mather with PR companies.
Fat cat pay. Is it obscene ?
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