WPP must make misconduct probe public, says Vince Cable
|bbc.com 16 Apr 2018 at 08:33|
Liberal Democrat leader Sir Vince Cable has called on WPP to disclose details of alleged misconduct allegations against Sir Martin Sorrell.
WPP said at the weekend that its former chief executive had stepped down, and that an investigation had "concluded".
But no further details about the claims of personal misconduct and misuse of company money were disclosed.
Sir Vince accused WPP of sweeping the claims "under the carpet", saying there was a "real lack of transparency".
He said Sir Martin was a "highly respected figure", but added that "any investigations done by the company should be made public".
WPP said earlier this month , which Sir Martin has strongly denied.
On Saturday, at the same time Sir Martin s immediate departure was announced, WPP also said that the investigation had ended, adding: "The allegation did not involve amounts that are material."
The company says it does not intend to publish a report detailing its findings.
A spokesman for WPP told the BBC: "As soon as the allegations were reported in the media, we confirmed in a formal statement that there was an independent investigation in process regarding allegations of personal misconduct.
"That investigation has now concluded and Sir Martin Sorrell has stepped down. WPP will be making no further comment."
Commenting on the decision to end the probe, Paul Richards, director in media research at Numis Securities, said: "Everyone is looking to move forward. It is an ignominious end to a remarkable career.
"Perhaps the report would have cleared his name. As Sir Martin said, he rejected the allegation unreservedly ."
Brian Wieser, a senior analyst at Pivotal, told BBC Radio 4 s Today programme that it is unlikely that the public will find out exactly why Sir Martin was being investigated.
"A lot of people will want to know what it was, just because a lot of people do know Sir Martin. But at a pragmatic business level, it s more about who s going to succeed him, what s the shape of the company," he said.
Shares in WPP fell 5.22% to £11.25 on Monday as the advertising giant began a search for Sir Martin s replacement.