WPP boss Sir Martin Sorrell has pay cut to £48.1m
Sir Martin Sorrell, the boss of advertising giant WPP, has had his pay slashed by almost a third - although he will still take home £48.1 million.
The chief executive's total pay packet for 2016 represents a dramatic drop from the £70.4 million he was awarded the previous year.
The decrease reflected the falling value of his long-term share incentive plan, known as LEAP, which fell from £62.8 million to just over £41 million.
The WPP founder's short-term bonuses also headed south, dropping from £4.3 million to around £3 million.
However, Sir Martin is still the highest paid chief executive in the FTSE 100.
Investors had branded his pay deal "excessive" and "ridiculous" at WPP's annual general meeting last June, with a third of them staging a protest by voting against the company's remuneration policy.
Today's revelations are likely to go some way to appease shareholders, particularly given the cut was slightly larger than expected.
In its annual report, WPP said it has adopted a new long-term incentive plan in order to address shareholders' concerns about LEAP.
Under the new executive performance share plan, the company said it has "granted awards at lower levels, with further reductions proposed in 2017".
It added: "We anticipate that the value of awards vesting in subsequent years will be substantially lower than the values realised under LEAP."
The proposed policy is expected to be approved at the June AGM, the company said.