WPP Board Wins Support of Advisory Group ISS Ahead of AGM
31 Maggio 2018 - 12:43PM
Dow Jones News
By Adria Calatayud
Advisory group ISS has recommended voting in favor of all
resolutions proposed by the board of WPP PLC (WPP.LN) ahead of the
company's annual general meeting, the first since the departure of
former chief executive Martin Sorrell.
In a report to investors, ISS gave its support to Executive
Chairman Roberto Quarta saying that it is in the best interests of
shareholders to have continuity in the leadership, given the
board's response and actions after the exit of Mr. Sorrell. Last
month, Mr. Sorrell stepped down from the company he founded more
than three decades ago following the conclusion of an investigation
into an allegation of personal misconduct. Mr. Sorrell denied any
wrongdoing.
ISS said concerns have been raised around the lack of
transparency surrounding the departure of Mr. Sorrell, since the
company hasn't disclosed the nature of the findings of the
investigation in any detail. However, the advisory group said it
believes WPP adequately responded to allegations implicating Mr.
Sorrell and that there was sufficient evidence of a functioning
board and appropriate due process.
Furthermore, ISS said Mr. Sorrell's treatment as a "good leaver"
for incentive purposes was "an obvious point of concern," although
it was a feature of his contract and was previously disclosed by
the company.
At 0952 GMT, WPP shares traded 0.9% higher at 1,243.50
pence.
ISS also said the reelection of Mr. Quarta as chairman is
considered warranted, but other advisory groups including Glass
Lewis and PIRC had previously recommended shareholders voting
against it.
Glass Lewis, a San Francisco-headquartered provider of
governance research to investors, has advised voting against WPP's
remuneration and reelection of Mr. Quarta's proposals, citing poor
transparency over Mr. Sorrell's status as a "good leaver" and
succession-planning concerns, respectively.
WPP's AGM is scheduled for June 13.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
May 31, 2018 06:28 ET (10:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Grafico Azioni WPP (NYSE:WPP)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni WPP (NYSE:WPP)
Storico
Da Lug 2023 a Lug 2024
