Furious investors demand answers
SHAREHOLDERS will tomorrow demand that the board of WPP comes clean over Sir Martin Sorrell’s resignation.
At the AGM in London, investors in the world’s biggest advertising agency will be able to quiz chairman Roberto Quarta about how the firm has been run and call for exact details of why Sir Martin abandoned his empire.
Sir Martin has been classed by WPP as a ‘good leaver’ after his sudden exit on April 14 – an assessment that means he will continue to receive payouts worth about £20million over the next five years. But leading City investment advisory firms suggest that without more information about the misconduct allegations against Sir Martin, it is impossible to decide whether he really was ‘a good leaver’ and deserves to pocket the hefty payouts.
Shareholder groups Glass Lewis and Pirc have both advised that investors vote against the re-election of Mr Quarta as chairman over his refusal to disclose details of the firm’s investigation into Sir Martin.
A Pirc spokesman said last night: ‘There is no disclosure regarding the reason for the sudden departure. Shareholders should be informed of significant events such as this.’