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Sir Martin Sorrell donates £21m from fortune to charities Sir Martin Sorrell donates £21m from fortune to his charitable trust
(about 20 hours later)
Sir Martin Sorrell, the chief executive of WPP, has donated shares in the advertising company worth more than £21m to his charitable trust.Sir Martin Sorrell, the chief executive of WPP, has donated shares in the advertising company worth more than £21m to his charitable trust.
The move comes two weeks after it emerged that Sorrell earned £36m last year from a controversial long-term incentive scheme, making him the best paid chief executive in the FTSE 100. WPP, the world’s biggest advertising company, awarded Sorrell more than 2.3m shares under its incentive plan, which was amended in 2013 but will not be replaced until 2017.The move comes two weeks after it emerged that Sorrell earned £36m last year from a controversial long-term incentive scheme, making him the best paid chief executive in the FTSE 100. WPP, the world’s biggest advertising company, awarded Sorrell more than 2.3m shares under its incentive plan, which was amended in 2013 but will not be replaced until 2017.
A year earlier, in 2012, Sorrell’s pay package was voted down by disgruntled shareholders.A year earlier, in 2012, Sorrell’s pay package was voted down by disgruntled shareholders.
On Thursday, the company said Sorrell had gifted 1.42m shares to the JMCMRJ Sorrell Charitable Foundation, a charity established “to provide benefits for educational institutions, cancer research and to make grants for general charitable purposes.”On Thursday, the company said Sorrell had gifted 1.42m shares to the JMCMRJ Sorrell Charitable Foundation, a charity established “to provide benefits for educational institutions, cancer research and to make grants for general charitable purposes.”
It gave grants last year totalling £237,000 to Knightsbridge School, the Jewish Museum, Demelza Hospice Care for Children, the Global Fund for Children and other beneficiaries.It gave grants last year totalling £237,000 to Knightsbridge School, the Jewish Museum, Demelza Hospice Care for Children, the Global Fund for Children and other beneficiaries.
This is the seventh year Sorrell has donated shares to the charity, beginning in 2007, and it means the foundation now owns 3.5m shares worth about £54m. This year’s gift is the biggest so far, a spokesman said, following a 1.2m transfer of shares last year.This is the seventh year Sorrell has donated shares to the charity, beginning in 2007, and it means the foundation now owns 3.5m shares worth about £54m. This year’s gift is the biggest so far, a spokesman said, following a 1.2m transfer of shares last year.
He added that Sorrell tended to make the donation around this time of year and it had nothing to do with the end of the tax year or the controversy over his pay.He added that Sorrell tended to make the donation around this time of year and it had nothing to do with the end of the tax year or the controversy over his pay.
The donation will leave Sorrell and his family interests with 18.8m shares in WPP, representing 1.43% of the company and worth £290m.The donation will leave Sorrell and his family interests with 18.8m shares in WPP, representing 1.43% of the company and worth £290m.
Sorrell received the shares from his latest long-term incentive plan payment on 13 March and sold almost half of them to raise £17.4m to pay the tax bill on the payout.Sorrell received the shares from his latest long-term incentive plan payment on 13 March and sold almost half of them to raise £17.4m to pay the tax bill on the payout.
• The headline on this article was amended on 3 April 2015 to better reflect the content of the story.