3rd Apr 2020 09:31
(Alliance News) - Broadcaster ITV PLC on Friday joined the long list of UK-listed companies deciding to cut pay for senior managers and board directors in a bid to conserve cash amid the Covid-19 pandemic.
The FTSE 100-listed company said its remuneration committee has decided to cancel annual bonuses for executive directors and management board, and there will be no cash bonus payable to them in respect of the company's performance in 2020.
The company's executive directors and management board have also agreed a 20% pay cut for the duration of the UK government-imposed lockdown. If the lockdown continues beyond June-end, ITV plans to review the pay reduction arrangement at that time.
Furthermore, ITV's non-executive directors have taken a 20% fee reduction while the lockdown lasts.
The London-based media company has put in place a recruitment and salary freeze, adding its remuneration committee may take additional cost saving measures if required.
Shares in ITV were down 0.9% at 58.74 pence each in London on Friday morning.
By Tapan Panchal; [email protected]
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