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WPP chief praises Rupert Murdoch’s Fox, Facebook and Snap as he forecasts tougher market in 2017

WPP’s Sir Martin Sorrell has said that companies with dominant shareholders or owners such as Rupert Murdoch’s Fox, Facebook and Snap that “offend” good corporate governance practices take more risks and tend to perform better financially.

Sorrell was speaking the day after Snapchat parent Snap floated on Wall Street, with the offering oversubscribed and the share price rising more than 44% to $24 on its first day of trading, despite co-founders Evan Spiegel and Bobby Murphy and early investors keeping total control of voting rights.

Related: Snap IPO: a 21st-century firm with a 19th-century structure

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