UK - Pension fund disapproval has failed to stop WPP chief executive Sir Martin Sorrell receiving a new three-year rolling contract.
The National Association of Pension Funds had recommended voters abstain from approving the pay package at the advertising and communications firm’s annual general meeting. But the remuneration report was approved with 54% of the vote.
Sir Martin had argued that his was a special case because he had invested millions of pounds of his own money in the company when it went through rough times.
An NAPF spokesman said that while it had taken into consideration the valid points made by Sir Martin, elements of the contract were unacceptable.
“The provision in the contract which entitles him to considerable compensation, of twice annual salary, fee and pension contributions, if he chooses to terminate following a change of control, is unwelcome.”
Shareholders are also gearing up for a confrontation at Burberry’s annual general meeting next week, over the generous reward and bonus structures in the pay package of the fashion house’s chief executive Rose Marie Bravo.
The NAPF is recommending shareholders vote against the remuneration report.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.