WPP chief executive Sir Martin Sorrell is set to receive shares worth £36 million this year as part of a scheme dependent on the company's performance.

The world's largest advertising firm said Sir Martin had received 2.3 million shares as part of a scheme dating back to 2010.

One of Britain's highest paid executives, Sir Martin has previously been on the receiving end of shareholder protests over the scale of his pay. He received shares worth £22.m last year as part of an overall remuneration package of £29.8m.

WPP said the payout followed a five year period when the company's market capitalisation increased by 133 per cent, meaning Sir Martin, chief executive for the last 29 years, will receive the maximum payout.