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Group concerned about Sorrell pact

By Published on .

[London] The Association of British Insurers, representing one-fifth of U.K. shareholders, said WPP Group Chief Executive Martin Sorrell's new contract goes against best-practice guidelines and "raises serious concerns." The renewable three-year contract entitles Mr. Sorrell to two years' salary and a pension in the case of a change in control for WPP or "wrongful termination." The U.K. is considering legislation to prevent what it calls "rewards for failure" for top executives. WPP shareholders will vote on the pay deal at WPP's annual general meeting June 30.
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