Ad agency board gets green light for massive bonus scheme

Shareholders
in advertising giant WPP have given the green light to a bonus scheme that
could net its chief executive Sir Martin Sorrell up to £44m over the next five
years.

Despite
severe criticism of the scheme in recent weeks, investors raised no questions
about the plan at a meeting in central London.

Sorrell
described the 80 per cent vote in favour of the package as
"substantial" and said the company had succeeded in negotiating with
investors over the terms of the scheme.

Under
the plan, which could be worth £112.5m to 19 executives and senior staff,
directors will use their own money to buy shares and, if performance targets
are met, they will be awarded up to five times as many shares as they
originally invested.

By Mike Berry

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