The National Association of Pension Funds and the Association of British Insurers were claiming victory on Friday over the restructuring by WPP, the UK's largest advertising agency, of its latest executive incentive plan.

Both had lobbied for improved corporate governance and see the re-structuring of the scheme as a positive move. The ABI publicly urged members to vote against the original plan which could have given Sir Martin Sorrell, chief executive, up to £44m (€66.1m). The NAPF advised voting in favour, but had privately voiced reservations.