Sir Martin Sorrell's WPP joins pay revolt as Kentz and Chime feel the anger of shareholders

The engineer Kentz and the PR firm Chime yesterday became the latest companies to feel the wrath of shareholders over their pay policies, capping a week of investor unrest at a string of companies including ITV and BG Group.

Kentz suffered the largest shareholder protest vote so far this year. Holders of 49.7 per cent of its shares voted down its remuneration report – and including withheld votes that rose to more than 60 per cent.

The engineering and construction group responded after the meeting, saying it would draw up a new pay policy and put it to shareholders "in due course". This was the first time Kentz allowed shareholders a vote on pay, having previously avoided it through its registration in Jersey.

Meanwhile, WPP, the advertising giant and the top shareholder in Chime, refused to back the PR firm's pay policies at its annual meeting yesterday.

A quarter of Chime shareholders refused to back its future remuneration policy and 22 per cent did not back last year's remuneration report. WPP, which has a 17.7 per cent stake in Chime, and most other dissenting shareholders abstained rather than rejecting Chime's resolutions on pay.

However, 96 per cent of votes cast were in favour of its remuneration policy and 99 per cent approved its remuneration report at the annual meeting.

That was a big improvement on a year ago when Chime's chairman, Lord Davies, faced a major row as 57 per cent failed to back the bonus scheme and 48 per cent did not back the remuneration report.

This year's abstentions show that tensions persist between Chime and Sir Martin Sorrell's WPP.

WPP opposed Chime's sale of the public relations agency Bell Pottinger in 2012 and it is understood Sir Martin's group was also unhappy with Chime's acquisition of Lord Coe's Complete Leisure Group.

Relations worsened last October when Chime bought the US motor-racing business JMI, prompting WPP to warn that it would look at selling.

On Thursday, 42 per cent revolted over pay at the insurer Hiscox and 34 per cent at energy firm BG. A quarter revolted over ITV's pay as City watchdogs get tough on pay and bonuses.

PROMOTED VIDEO
News
ebooksNow available in paperback
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Reach Volunteering: Trustee – PR& Marketing, Social Care, Commercial skills

Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...

Reach Volunteering: Charity Treasurer

Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...

SThree: Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...

Ampersand Consulting LLP: Markit EDM (CADIS) Developer

£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...

Day In a Page

In a world of Saudi bullying, right-wing Israeli ministers and the twilight of Obama, Iran is looking like a possible policeman of the Gulf

Iran is shifting from pariah to possible future policeman of the Gulf

Robert Fisk on our crisis with Iran
The young are the new poor: A third of young people pushed into poverty

The young are the new poor

Sharp increase in the number of under-25s living in poverty
Greens on the march: ‘We could be on the edge of something very big’

Greens on the march

‘We could be on the edge of something very big’
Revealed: the case against Bill Cosby - through the stories of his accusers

Revealed: the case against Bill Cosby

Through the stories of his accusers
Why are words like 'mongol' and 'mongoloid' still bandied about as insults?

The Meaning of Mongol

Why are the words 'mongol' and 'mongoloid' still bandied about as insults?
Mau Mau uprising: Kenyans still waiting for justice join class action over Britain's role in the emergency

Kenyans still waiting for justice over Mau Mau uprising

Thousands join class action over Britain's role in the emergency
Isis in Iraq: The trauma of the last six months has overwhelmed the remaining Christians in the country

The last Christians in Iraq

After 2,000 years, a community will try anything – including pretending to convert to Islam – to avoid losing everything, says Patrick Cockburn
Black Friday: Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Britain braced for Black Friday
Bill Cosby's persona goes from America's dad to date-rape drugs

From America's dad to date-rape drugs

Stories of Bill Cosby's alleged sexual assaults may have circulated widely in Hollywood, but they came as a shock to fans, says Rupert Cornwell
Clare Balding: 'Women's sport is kicking off at last'

Clare Balding: 'Women's sport is kicking off at last'

As fans flock to see England women's Wembley debut against Germany, the TV presenter on an exciting 'sea change'
Oh come, all ye multi-faithful: The Christmas jumper is in fashion, but should you wear your religion on your sleeve?

Oh come, all ye multi-faithful

The Christmas jumper is in fashion, but should you wear your religion on your sleeve?
Dr Charles Heatley: The GP off to do battle in the war against Ebola

The GP off to do battle in the war against Ebola

Dr Charles Heatley on joining the NHS volunteers' team bound for Sierra Leone
Flogging vlogging: First video bloggers conquered YouTube. Now they want us to buy their books

Flogging vlogging

First video bloggers conquered YouTube. Now they want us to buy their books
Saturday Night Live vs The Daily Show: US channels wage comedy star wars

Saturday Night Live vs The Daily Show

US channels wage comedy star wars
When is a wine made in Piedmont not a Piemonte wine? When EU rules make Italian vineyards invisible

When is a wine made in Piedmont not a Piemonte wine?

When EU rules make Italian vineyards invisible