June 12, 2018 / 9:59 AM / 6 months ago

Top WPP shareholder says to back re-election of board at AGM

FILE PHOTO: Sir Martin Sorrell, then chairman and CEO of advertising company WPP, attends a conference at the Cannes Lions Festival in Cannes, France, June 23, 2017. REUTERS/Eric Gaillard/File Photo

LONDON (Reuters) - Top WPP (WPP.L) shareholder Harris Associates said on Tuesday it would back the re-election of the board of the advertising company, which has faced criticism over its handling of the departure of founder Martin Sorrell.

“We are supporting the board (on re-election),” David Herro, Chief Investment Officer of international equity at U.S.-based Harris said in emailed comments to Reuters ahead of the company’s annual meeting on Wednesday.

WPP is also asking investors to approve executive pay. Some investors say the company has not given them enough information about Sorrell’s shock departure ahead of a vote on the company’s remuneration report.

“(We support WPP on) board reelection. I want to make sure on the rest,” Herro said in an email.

Harris is WPP’s biggest fund investor with a 7.5 percent stake, according to Thomson Reuters data. Sorrell left WPP in April.

Reporting by Simon Jessop, editing by Kirstin Ridley

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