Sir Martin Sorrell, founder and chief executive of advertising giant WPP, will receive a £63m pay cheque in one of the largest corporate payouts in history.

Sir Martin, who is Britain's highest paid chief executive, will collect a share award worth £62.78m and cash in £30.2m to meet "consequential tax liabilities", WPP said in a statement released after the end of Tuesday's trading.

In total, the share package will help take Sir Martin's total pay close to £70m, when including his annual salary of £1.15m and an additional cash bonus worth millions. WPP have not disclosed the precise sum Sir Martin is in line to pocket.

The windfall was made through WPP's controversial long-term incentive scheme known as LEAP, which has subsequently been shut down following shareholder complaints but still continues to pay out on the company's past performance.