Show us WPP Sorrell report, say investors

WPP bosses are trying to reassure major investors after the sudden departure of longstanding chief executive Sir Martin Sorrell.

The media giant is under pressure from investors to reveal more information about the dramatic exit of Sorrell, 73, who was facing unspecified allegations of ‘personal misconduct’.

Roberto Quarta, the chairman, was in New York last week to meet investors, including the third largest shareholder Harris Associates.

Another big investor, Mawer Investment Management, last night called on WPP to reveal more about the probe into Sorrell.

WPP has indicated it does not plan to publish a report into his conduct.

Mawer portfolio manager David Ragan told The Mail on Sunday: ‘Who knows how this has been handled until we get a little bit more information – the results of the investigation and what the board’s actually doing? Hopefully that does come out. It seems like a reasonable expectation.

‘Shareholders need to know that their interests were protected by the board.’

Major shareholder advisory group Glass Lewis has said it would ‘prefer if the report was made available to shareholders though we view that outcome as unlikely’.

Sorrell stood down from WPP last weekend when the company told shareholders: ‘The previously announced investigation into an allegation of misconduct against Sir Martin has concluded. The allegation did not involve amounts that are material.’