Roberto Quarta, the chairman of the advertising multinational, faces a shareholder revolt after advisory group Glass Lewis recommended that investors vote against his re-election next month. The move is likely to further dent Mr. Quarta’s chances for re-election, which are already under pressure from an internal investigation into whether he improperly used company funds in connection with personal expenses. Glass Lewis also recommended that shareholders vote against the company’s pay report due to the lack of disclosure around Sorrell’s departure, while simultaneously criticising Quarta for a lack of transparency around the hunt for Sorrell’s successor.
Roberto Quarta, the chairman of the advertising multinational, faces a shareholder revolt after advisory group Glass Lewis recommended that investors vote against his re-election next month. Glass Lewis declared that it had “severe reservations” about the failure to publish a report on the investigation into the alleged personal misconduct of former CEO Martin Sorrell, who resigned from the firm last month. Glass Lewis also recommended that shareholders vote against the company’s pay report due to the lack of disclosure around Sorrell’s departure, while simultaneously criticising Quarta for a lack of transparency around the hunt for Sorrell’s successor.