Stop a £43m fat cat pay deal - Tell your pension fund to say NO to Martin Sorrell rip off at WPP

"Dear John, the FTSE fat cats are at it again. Advertising and marketing company WPP wants to pay its boss, Sir Martin Sorrell, £43m this year. That’s 2378 times what you'd earn on the London Living Wage.

Last November, you emailed your pension fund about a high pay deal at BG Group - and it worked. [2] The company received a barrage of opposition from shareholders, including pension funds, and the pay deal was cut. Your voice had a real impact. It's time to do it again.

Take two minutes to make sure your pension fund votes NO to £43m a year at WPP on Tuesday.

At WPP's annual general meeting on Tuesday, shareholders including our pension funds will be asked to vote to approve the pay deal. As savers, we have an opportunity to make sure shareholders vote no to this excessive pay package.

This deal is seen as very high even within the industry. One group, Glass Lewis, has recommended that shareholders vote against the "wholly excessive" pay deal. However another group, ISS, has said shareholders should vote in favour despite labelling the pay deal "exceptionally high." [1]

Tell your pension fund to vote NO using this quick and easy tool.

With the industry divided, it's more important than ever that pension funds hear from their customers on this issue. Let's make sure WPP knows that it can't get away with spending shareholders' money on such excessive high pay.

Thank you,

Colette, Matt, Grace and the rest of the team at ShareAction.

[1] The Guardian: Sir Martin Sorrell's pay package labelled 'excessive' by investor advisory group
[2]: The Guardian: BG Group cuts Helge Lund's 'golden hello' after shareholder pressure"

average FTSE 100 CEO saw their pay increase 12% to an average of £4.8m:

"It is important to remember why “radical reform” is urgently necessary. On Tuesday, it was reported that the average FTSE 100 CEO saw their pay increase 12% to an average of £4.8m: approximately 200 times average private sector pay. By contrast, disposable incomes for the rest of us are set to fall for the third year running (pdf)". hat tip http://www.leftfootforward.org/2012/06/shareholders-reject-martin-sorrell-bonus-wpp/

WPP: Have your say on High Pay

(better late than never) "Dear John,

You might not have heard of WPP but you’ll have seen what they do. They are the world’s largest advertising group, producing adverts for companies like Nike, Heineken and Coca Cola.

On Wednesday, at its annual meeting of shareholders, WPP will put its CEO’s pay package to the vote. That pay package gives WPP CEO Sir Martin Sorrell:

• Total pay of £29 million
• A 60% pay rise
• An increase in his potential bonus from 300% to 500% of his salary

http://www.fairpensions.org.uk/highpay/wpp

In 48 hours FairPensions will be at WPP's meeting in Dublin*. It’s time to tell overpaying companies, starting with WPP, that enough is enough. We're asking supporters to add their names to a petition that we're going to present to the WPP board.

Sign the petition and we'll take your voice with us to the meeting in demanding WPP change their pay practices. 

http://www.fairpensions.org.uk/highpay/wpp

We want to send a clear message to WPP and other excessively paid FTSE 100 CEOs telling them that the days of spiralling executive pay are over. We've only got 48 hours until the WPP AGM so please do share this action with friends and colleagues.

Thanks for your support

Matthew, FairPensions

*WPP moved to Dublin in 2008 to take advantage of lower corporation tax rates than in the UK. For more information on WPP and why we're targeting them click here: http://www.fairpensions.org.uk/highpay/wpp/info "