MAM
Martin Sorrell fails to win shareholders support against pay hike
MUMBAI: Global advertising giant WPP CEO Sir Martin Sorrell was in for a rude shock as 59.5 per cent shareholders voted
Wednesday against the proposed 60 per cent hike in his annual pay package at the company’s annual general meeting held in Dublin on 13 June.
The proposed hike would have increased Sorrell’s pay to ?6.8 million.
Sorrell’s proposed pay hike had been the topic of debate for the past week as many advisory groups and leading stockholders deemed that the new wage is not in sync with investor returns.
In his defence, Sorrell said that his role in transforming WPP into an advertising force in 108 countries justified the proposed pay packet of ?6.8 million. According to media reports, his pay package is made up of ? 1.3 million basic salary, ?2 million annual bonus, ?3 million deferred shares and other benefits.
WPP shares have risen more than 11 per cent this year and despite the on-going financial crisis, the company’s stocks are up over 21 per cent from 5 years ago.
Over the past year, a lot of companies have faced dissent over CEO’s pay and the shareholders’ views on it. Earlier in the month, British insurer Aviva CEO Andrew Moss was forced to step down after shareholders voted against his remuneration plans.
In 1985 Sorrell left Saatchi & Saatchi and bought 15 per cent stake in WPP with the intention of building a global advertising business. Over the years, he has continued to make personal investment in the company to the tune of an estimated ?40 million.
Sorrell‘s stake in the company is worth ?140 million, accounting for less than two per cent holding in modern-day WPP.
The disagreement by shareholders was not entirely unexpected as last year too, 41 per cent of them voted against his pay hike. Eventually, Sorrell managed to get a hike of 30 per cent and his maximum potential bonus was inflated as well.
In a related development, nearly 20 per cent plus shareholders voted against the re-election of three directors who are part of the pay committee – Jeffrey Rosen, head of the pay committee (21.8 per cent), and non-executives Ruigang Li (28.7 per cent) and Koichiro Naganuma (29.7 per cent).
Industry experts are of the opinion that such indicators of non-confidence in the company’s management may in the long run threaten shareholder’s distrust in the way the company is run.
Brands
Disney Cruise Line launches Disney Adventure as Robert Downey Jr. christens ship in Singapore
Star studded ceremony marks line’s first Southeast Asia ship
SINGAPORE: Disney Cruise Line has officially welcomed its newest and largest ship, the Disney Adventure, with a glittering, music filled christening ceremony in Singapore, marking the brand’s first ever vessel to homeport in Southeast Asia.
Held inside the ship’s grand Walt Disney Theatre, the celebration unfolded as a theatrical spectacle worthy of Broadway. Regional vocalists and musicians were joined by a 23 piece orchestra, while sweeping video projections wrapped the stage in classic Disney, Pixar and Marvel moments. Special appearances from captain Mickey Mouse and captain Minnie Mouse added a touch of nautical charm.
Among the headline performers were Jed Madela, hollywood performing arts hall of fame inductee, and Dami Im, international recording artist known for Eurovision. Together, they led a soaring tribute to Disney’s musical legacy.
On stage to mark the milestone were Josh D’Amaro, chairman of disney experiences and incoming chief executive officer of The Walt Disney Company, and Joe Schott, president of disney signature experiences.
D’Amaro described the ship as a new chapter for the company in Asia, saying it would bring Disney storytelling to audiences who may be experiencing the brand’s magic for the first time.
The ceremonial highlight came from Hollywood star Robert Downey Jr., who serves as the ship’s godparent. With characteristic flair, he declared, “You bring the theme and I’ll bring the thunder,” before delivering the traditional blessing: “I christen thee, Disney Adventure, may God bless this ship and all who sail upon her.”
The ceremony closed with a jubilant rendition of “Let’s Set Sail”, a long standing Disney Cruise Line tradition designed to stir excitement for the voyages ahead.
Drawing on more than a century of storytelling from Disney, Pixar and Marvel, the Disney Adventure promises a floating world of fantasy. Guests can wander through seven immersive themed areas, including San Fransokyo Street inspired by Big Hero 6.
On board highlights include a brand new Broadway style musical titled Remember, immersive dining, signature fireworks at sea, imaginative children’s clubs and a vibrant collection of bars and lounges for adults. Thrill seekers can also take on Ironcycle Test Run, the cruise line’s first roller coaster at sea.
The Disney Adventure is the eighth ship in the fleet and sets sail on its maiden voyage on 10 March, launching an inaugural season of three and four night itineraries. It forms part of an ambitious expansion plan that will see five more ships join the fleet by 2031.
For Disney, the magic is no longer just on stage or screen. In Singapore, it now sails.
