How much do you get paid? My guess is it’s not as much as the chief executive of WPP.
Sir Martin Sorrell (pictured) is chief executive of the advertising business WPP and his annual pay has just been revealed in the company’s annual report.
His total pay was £42.98 million. In case you think that’s a typo – it’s not. He received nearly £43 million in pay.
As well as being the chief executive, Martin Sorrell is the founder of the company.
The company has grown significantly since it was founded in 1985 and it is now quoted and part of the FTSE 100 (the largest 100 companies on the London stock market).
As a result of being quoted there are numerous corporate governance requirements which need to take place. One of these is the disclosure of the directors’ remuneration policy in the published accounts.
Following the publishing of his remuneration package in the accounts it became apparent that one element of his package was very unusual.
Included within his remuneration package of $43 million is a payment to him in respect of his wife’s travel expenses. Now his wife’s travel expenses which were paid by his employer were pretty significant and definitely amounted to more than the occasional taxi journey. In fact, they amounted to £274,000!
That’s not a bad amount for travel expenses is it?
So, should you suggest to your boss at your next salary review that you should receive a travel allowance for your husband or wife?
My guess is that if you do, the response to your request would be fairly brief and probably include a rude word or two…