WPP's Sorrell to receive shares worth 36 mln pounds

LONDON, March 16 (Reuters) - WPP Chief Executive Martin Sorrell is set to receive shares worth 36 million pounds ($53 million) this year as part of a scheme dependent on the company's performance, the British firm said on Monday.

WPP (LSE: WPP.L - news) , the world's largest advertising firm, said Sorrell had received 2.3 million shares as part of a scheme dating back to 2010.

One of Britain's highest paid executives, Sorrell has previously been on the receiving end of shareholder protests over the scale of his pay. He received shares worth 22.7 million pounds last year as part of an overall remuneration package of 29.8 million pounds.

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

($1 = 0.6769 pounds) (Reporting by Kate Holton, editing by Louise Heavens)