WPP shareholders today rejected a proposed 60% compensation hike for CEO Martin Sorrell at its annual meeting in Dublin.
In that non-binding vote, 59.5 percent of the proxies opposed WPP’s remuneration report.
Philip Lader, WPP chairman, told the meeting that the board will take the “remuneration report very seriously.”
"It’s premature to determine if Sorrell’s compensation will be adjusted," he added.
Sorrell argued in favor of the comp hike, saying he deserved to be compensated as an owner and entrepreneur. He founded WPP in 1985.
Meanwhile, WPP reports revenues for the first four months of 2012 are up seven percent to $5.1B with operating profit “ahead of budget.”
The RLM Finsbury, Burson-Marsteller, Cohn & Wolfe, Glover Park Group, Public Strategies Inc, and Hill+Knowlton Strategies PR/PA unit also was up seven percent.
WPP expects overall 2012 growth to top last year’s record year, but sees challenges ahead for 2013 as the U.S. confronts its budget deficit with a possible deadlocked Congress.
Sorrell is more bullish on 2014, spurred by the World Cup in Brazil, Winter Olympics in Sochi and mid-term U.S. Congressional elections.