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Pay cut: ITV chief executive Carolyn McCall received £2.9m last year
ITV said yesterday it has rejected pressure from some investors over its pay structure as it emerged that CEO Carolyn McCall was handed £2.9m last year.
The broadcaster said most shareholders supported the remuneration policy, but acknowledged some had “differing views”. McCall’s 2023 pay package was 22 percent lower than the year before, as her bonus fell sharply.
ITV said this reflected the ‘economic backdrop impacting financial performance’, with results hit by ‘depressed advertising volumes’.
It comes after annual profits fell 61 per cent to £193 million.
ITV revealed that there was some unrest among shareholders ‘particularly in relation to the ‘restricted share’ proposals submitted in 2021.
These types of stock-based bonuses are controversial because they tend to eliminate performance targets.
Under the arrangement, McCall is entitled to 132.5 percent of salary, in addition to her base salary and annual bonus.
ITV said a 50 percent increase in its share price would increase the maximum value of its total compensation to £5.1 million. If it falls by 50 per cent, that would fall to £3.7 million.