Investors vote against pay rises for directors
INVESTORS who turned on their own directors in a Dublin AGM by voting against pay packages will be brought into a consultation to find a solution.
WPP moved its global headquarters to Dublin in protest at planned changes to the British tax system and to take advantage of Ireland's low corporation tax rate.
Shareholders in advertising giant WPP Plc voted against the proposed remuneration of its directors, which included a 56pc pay increase for chief executive Martin Sorrell.
The move, which was backed by 60pc of shareholders, is being seen as part of a "shareholder spring" being pushed through FTSE 100 companies.
The vote, which is not binding, demonstrated shareholder disgust at the compensation awarded to company chief executive Martin Sorrell, who had received a 30pc increase in his basic salary to £1.3m (€1.6m) and a 60pc jump in his total earnings, including bonuses, to almost £6.8m (¤8.3m).