Pay cut: ITV chief exec Carolyn McCall was handed £2.9 m last year
ITV yesterday said it has rejected pressure from some investors over its pay structure as it revealed chief executive Carolyn McCall was handed £2.9 m last year.
The broadcaster said most shareholders backed its remuneration policy but acknowledged ‘diverse views’ among some. McCall’s pay package for 2023 was 22 per cent down from the year before as her bonus fell sharply.
ITV said that reflected the ‘economic backdrop impacting financial performance’ with results hit by ‘depressed advertising volumes’.
It comes after annual profits fell 61 per cent to £193million.
ITV revealed there was some shareholder disquiet ‘particularly in relation to “restricted share” proposals’ brought in 2021.
These types of share-based bonus are controversial because they tend to remove performance targets.
McCall is entitled to 132.5 per cent of salary under the scheme, in addition to her basic pay and annual bonus.
ITV said a 50 per cent rise in the share price would raise the maximum value of her overall pay to £5.1million. If it drops 50 per cent that would fall to £3.7million.
