The Week: City news - Sorrell moots £60m deal

The WPP chief executive, Sir Martin Sorrell, could earn £60 million in bonuses over the next five years under a new reward scheme.

Shareholders in WPP are expected to approve the new package for Sorrell at an extraordinary general meeting next month. However, the proposal has attracted a warning from the Association of British Insurers, which represents leading UK institutional shareholders, expressing concern over such a large sum being paid to a single executive. The new scheme would replace a five-year scheme that was introduced in 2004 and could pay out up to £44 million to Sorrell.