The world’s largest advertising agency WPP is investigating allegations of financial impropriety by its boss Sir Martin Sorrell.
The firm’s board has appointed independent counsel to conduct the investigation.
In a statement, Sorrell said: “Reports in the media have stated that WPP is investigating an allegation of financial impropriety by me, specifically as to the use of company funds.
“This allegation is being investigated by a law firm.
“I reject the allegation unreservedly but recognise that the Company has to investigate it. I understand that this process will be completed shortly.
“Obviously, I shall play no part in the management of the investigation under way.
“As a significant share owner, my commitment to the company, which I founded over thirty years ago, remains absolute – to our people, our clients, our shareholders and all of our many stakeholders.
“I do not intend to make any further statement at this time.”