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The backers go for calculated gamble in signing away their normal voting rights

Sir Martin Sorrell never seemed keen on giving other shareholders in WPP a say on anything, especially when his own pay was in the spotlight. Even so, his solution to the problem of co-owners having opinions is severe: Sorrell’s complete control of S4 Capital, his new quoted venture, will be cemented via his sole ownership of a “B” share with the power to silence all formal dissent. As the document detailing the reverse takeover of cash shell Derriston puts it, the “B” share will give Sorrell the right to “ensure no shareholder resolutions are proposed (save as required by law) or passed without his consent”.

That will make the annual meetings dull affairs and, in Sorrell’s shoes, you can understand why he would prefer things that way. In his many “I am an owner” outbursts at WPP, he always seemed to resent the fact that his stake was diluted down from 15% at launch in 1985 to 2% in the later years. At S4 he will start with 75% of the regular class of share but, if the acquisitions roll in as intended, he can be diluted to minority status but still retain absolute authority. The “B” share arrangement will last for 14 years, or until he retires or dies.

Related: Martin Sorrell plots his comeback weeks after exit from WPP

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