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 "

Tired of Banker’s Bonuses? It’s about time we all Have Our Say on High Pay!

"Over the past decade, while executive pay has grown by over 323%, the average UKearnings have grown by a mere 54%. Across the nation, ordinary workers have felt outraged by the continuing gap between the lowest and the highest paid earners but felt powerless to do anything. This growing inequality is particularly distasteful considering the current economic situation, with high unemployment and pension cuts creating hardship for many.

But how can we tackle this culture of excess? Vince Cable thinks that it is up to the shareholders of companies to hold the boardroom to account. However, despite the vast increases in bonuses and single performance incentives, not to mention “Golden Hellos” (a hefty sum paid to attract talent to the company), average levels of shareholder dissent have been stuck at around 9%, with outright defeat for these pay packages at annual general meetings remaining a rare spectacle.

We all have the power to influence these shareholders, who are mainly compromised of institutional investors. These anonymous ‘institutions’ are, among others, the pension funds and insurance companies who look after our retirement savings. In other words, the owners of corporate Britainare no longer a few rich individuals: they include anyone with pension savings, or around 11 million of us. This is our money!

The responsible investment charity FairPensions has launched ‘Your Say on HighPay’ at www.fairpensions.org.uk/highpayThis online action tool will email your pension fund or ISA provider telling them you want them to vote against excessive pay – and asking them to let you know about it. 

Whether the ‘Shareholder Spring’ proves to be a one-season wonder or something more permanent may yet be up to us". (Great guest post by MM).