14 Jun 2012

Shareholders against big pay rise at ad agency

12:25 pm on 14 June 2012

Plans to give the head of the world's largest advertising agency, WPP, a 60% payrise have been voted down by shareholders.

Nearly 60% of shareholders in WPP were against the deal which would give chairman and chief executive, Sir Martin Sorrell a £6.8 million pay packet.

A number of shareholder advisory bodies urged members to vote against the deal at the company's annual meeting. However, the vote is not binding.

Sir Martin refused to comment on the vote, though he has in the past defended his pay rise.