ShareAction’s high pay action tool lets pension and ISA savers write to their funds asking them to vote NO on Sorrell’s pay at the company’s annual general meeting, scheduled for next Tuesday, June 9.
£43m makes Sorrell’s pay package by far the highest in the FTSE 100, twice that of his closest rival, whose 2014 remuneration was £20m.
Two leading shareholder voting advisory firms have criticised the package, with Glass Lewis recommending that shareholders vote against it. They say it’s “wholly excessive” because it “far exceeds the compensation given to chief executives at similar firms.” Institutional Shareholder Services has also said “the overall quantum of Sir Martin Sorrell’s pay remains exceptionally high”.
Glass Lewis has advised shareholders like pension funds and ISA providers to vote against the pay deal, while ISS has said shareholders should vote in favour of it.
With these leading voting advisory firms divided on what to do, the voice of regular savers is more important than ever in swaying the vote one way or the other.
A member of ShareAction’s “AGM Army” project will be at the AGM signal disapproval in the strongest possible terms of the pay deal, and ShareAction has also circulated notes to pension funds and Asset Managers with billions under management, urging them to review with the utmost care whether the pay deal makes sense.
ShareAction Chief Executive Catherine Howarth says:
“When it comes to bonkers pay deals, this one takes the biscuit. We’re proud to be offering regular people a chance to have their say on pay through the pension and savings system. Anyone can see that it’s nonsense to pay Sir Martin £43 million, particularly when WPP has failed to join dozens of other FTSE 100 companies in becoming a Living Wage employer. Martin Sorrell’s package alone could hire 2,378 people on the London Living Wage of £9.15 an hour. We expect thousands of savers to use this online tool to make their voices heard before the AGM.”
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