WPP Plc investors voted against the remuneration packages of the company's directors, including a 56 per cent pay increase for chief executive officer Martin Sorrell.
In the non-binding vote, 60 per cent of investors in the world's biggest advertising agency voted against the proposed pay, head of the compensation committee Jeffrey Rosen said at a meeting in Dublin today.
Investor groups including ISS and Glass Lewis urged shareholders to vote against the increase and said Mr Sorrell's pay was too high compared with other UK executives, joining a wider debate about executive pay in Europe.
Mr Sorrell and WPP have argued that the 67-year-old CEO's pay, which was £6.8 million pound (€8.4 million) in salary and bonus in 2011, should be compared to international rivals such as Omnicom Group Inc. and Publicis Groupe SA.
Barclays Plc CEO Robert Diamond was also hit with an investor protest over his pay in April after 27 per cent of shareholders voted against his £12-million (€14.8 million) compensation package.
He agreed to cut his deferred bonus for 2011 until the bank's profitability improves. Maurice Levy, the CEO of Paris-based Publicis, became the target of attacks in the French presidential election in April after his €16.2 million euro bonus, which had accrued since 2003, was made public.
Reuters