Photo: World Economic Forum
Shareholders in WPP Group, one of the largest global advertising firms, have rejected executive pay packages at a meeting this morning.In a strong majority, 59.53 per cent of votes were cast against the director packages.
The compensation package voted down included a £6.8m deal for chief executive Martin Sorrell, a 60 per cent increase from one year earlier.
A number of shareholder advisory bodies urged members to cast ballots against the plans, including Pirc and Glass Lewis, which called the compensation excessive.
The news follows a similar vote at both Citigroup and Barclays in April, when shareholders separately rejected the two executive compensation plans.
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