£112m bonus victory for Sorrell

WPP shareholders approved one of the most lucrative executive bonus schemes in UK corporate history today in an overwhelming victory for the advertising agency's boss, Sir Martin Sorrell.

The scheme, which could see 19 directors share £112.5m over the next nine years, was backed by a majority of 79.8% to 20.2%. Of those which failed to back the plan - including Legal & General - a quarter were abstentions.

Speaking after an extraordinary general meeting in London, Sorrell claimed a 'significant victory'. He added: 'We have to be competitive and ensure that both qualitatively and quantitatively this is the best place to work.'

Under the scheme, Sorrell and his executive team have to invest a total of $30m (£16.8m) of their own money in cash and shares but the returns could be almost four times as much.

The scheme was altered at the last minute after fund managers complained its weighting system meant WPP only had to fare well against two rivals - IPG and Omnicom - to hit performance targets.

Shareholder group Manifest had vowed to leave WPP with a bloody nose at today's meeting. Managing director Sarah Wilson said: 'They are going to focus on the 80% in favour but you can't ignore the 20% against. That is a significant level of concern.'