WPP may face more shareholder ire over CEO Sorrell's pay - FT

(Reuters) - British-based advertising company WPP Plc (WPP.L) may face opposition from its shareholders at its annual meeting on June 9 over Chief Executive Martin Sorrell's 43 million pound 2014 compensation, the Financial Times reported.

Proxy advisers like Glass Lewis & Co and Institutional Shareholder Services (ISS) have criticized the figure, calling it "wholly excessive" and "exceptionally high", the newspaper said.

Glass Lewis recommended shareholders vote against Sorrell's pay, saying it "far exceeds the compensation given to chief executives at similar firms", while ISS did not go as far as recommending a "No" vote, but said "the overall quantum of Sir Martin Sorrell’s pay remains exceptionally high", the business daily said.

ISS said it supported the award because it was performance-based and most of it was attributable to share price appreciation, according to the Financial Times.

Sorrell, one of Britain's highest-paid executives, has previously faced criticism from shareholders over his compensation.

Reuters reported earlier in March that Sorrell is set to receive shares worth 36 million pounds ($55.05 million) this year as a part of an arrangement that depends on the company's performance.

Sorrell received 22.7 million pounds ($34.71 million) worth of shares last year as part of an overall remuneration package of 29.8 million pounds ($45.57 million).

WPP, Glass Lewis and ISS could not be reached immediately for comments outside regular business hours.

(Reporting by Rishika Sadam in Bengaluru; Editing by Eric Walsh)