Friday, 3 June 2011

WPP vote and reaction

Figures from yesterday's AGM are here. Almost 42% against the remuneration report and looking at the turnout on other resolutions probably about 2% in abstentions. It will, to state the obvious, be one of the worst results (from a company perspective) this season.

Martin Sorrell's reaction is worth a look, see WSJ blog piece here. Once again, following the likes of Aberdeeen Asset Management and Ladbrokes, the language does not suggest any sense of compromise with shareholders. Could be the first signs of a scrap ahead.

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