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WPP misjudged mood of shareholders over pay, says Sorrell

30 August 2012 Last updated at 08:10 BST

WPP chief executive Sir Martin Sorrell says the company "misjudged the mood" of shareholders over executive pay.

Earlier in the year, shareholders voted against an executive pay report which included a £6.8m deal for Sorrell.

Speaking to the BBC, he said: "I guess we misjudged the mood of the shareholders".

However, he added: "It's an extremely competitive environment, particularly from a salary and compensation point of view."