Image: World Economic Forum/Sebastian Derungs Image: World Economic Forum/Sebastian Derungs

Founder and chief executive of advertising giant WPP, Martin Sorrell, has defended his £70 million pay package amid heavy criticism from shareholders.

Explaining that his salary is based on the company's success, Mr Sorrell said he was not embarrassed by WPP's performance.

He defended his pay package as WPP posted a 3.1% rise in quarterly revenues to £3.1 billion.

Martin Sorrell is just one of many chief executives to have faced backlash from investors over their pay packages. Last week, Legal & General published a report highlighting shareholder unease with the growing gap between shopfloor and boardroom pay.

Earlier this month, nearly 60% of BP shareholders voted against a 20% pay rise for chief executive Bob Dudley, who has announced thousands of job cuts amid falling profits as a result of the collapse in oil prices since 2014.