The National Association of Pension Funds (NAPF) and the Association of British Insurers (ABI), which have been lobbying for improved corporate governance, are taking opposing views of the new executive pay policy at WPP, the UK's largest advertising agency.

The ABI plans to recommend its members to vote against the renewal of WPP's 2004 Leadership Equity Acquisition Plan (LEAP) at the company's extraordinary meeting scheduled for April 7. Sources close to WPP said that the company was considering postponing the meeting to review its proposal following shareholder criticism. WPP declined to comment.