Pension funds prepare rebellion against Sir Martin Sorrell's pay The group, which represents 56 public sector pensions with assets of £115bn, said it welcomed the media giant's efforts to curb remuneration but Sir Martin's £17.6m pay deal for 2012 was still too much. In a statement it said the "quantum of payments made to executives, and potentially payable in future, is considered excessive." Kieran Quinn, chairman of the LAPFF, said: "We recognise that WPP has sought to change its remuneration policy, following shareholder rejection of the policy in 2012. However the scale of reward available, and paid in the past year, remains very substantial. Last year almost 60pc of WPP's investors failed to back the company's 2011 remuneration report in one of the biggest shareholder rebellions on record. This year they are being asked to approve Sir Martin's pay packet which is more than a third higher than the one they rejected. When it published its annual report in April, WPP explained that the high pay-out was the result of a deal agreed five years ago and the company's strong performance. Sir Martin has agreed to a pay cut and a reduction in his bonus under a new scheme starting this year. In its annual report and accounts, WPP said it realised the new arrangements "will not meet every share owner's individual preferences or views on what's best for the company, the [compensation] committee has sought to balance the broad range of views expressed by share owners with the needs of the business." Jeffrey Rosen, chairman of WPP's remuneration committee, agreed to step down. Ester Dyson and Philip Lader will also leave the compensation committee from December 2013. In total the LAPFF control about 2pc of WPP shares. The organisation included PIRC, the influential investor advisory group, which is also thought to be preparing a report urging shareholders to vote against the pay deal. The Association of British Insurers, one of the UK's biggest investor groups, has issued an "amber top" report on WPP indicating it has concerns about investors approving all the resolution at the annual meeting. However ISS, which last year voted against WPP's report, has this year advised investors to approve it. A spokeman for WPP said: "The months of consultation with shareholders and shareholder advisory groups are reflected in the positive ISS report recommending voting in favour of all resolutions and the move from red to amber top by the ABI."