Martin Sorrell, the boss of WPP, has defended his large pay package, telling CNBC that the success of the advertising and PR giant is linked to how much money he takes home.
In March 2016, WPP revealed Sorrell received a share award worth £63 million for 2015. His base salary is £1.15 million and he received benefits such as pensions and other incentive rewards, according to an annual report on WPP's website.
This would make his total pay package for last year worth around £70 million ($99 million). The exact figure will be detailed in WPP's next annual report, which will likely be out on April 29.
Sorrell joined WPP in 1986 as a director and became chief executive in that year. He told CNBC on Monday that the company has grown in size since he started and this has been reflected in his pay package.
"Over that 31 years, we've gone from £1 million capitalization to £21 billion… I make no apologies for the success of that business…over that period of time I've not sold any shares," Sorrell said in a CNBC TV interview.
He highlighted the FTSE 100-listed company's steady growth in share price. Shares listed on the London Stock Exchange have appreciated from around £6 in 2011 to over £16 today.
"The problem is that we have been successful. If that is bad news, okay it's bad news, but we can easily deal with that by not being successful," Sorrell told CNBC.