ITV cuts directors pay, bonuses[addthis tool="addthis_inline_share_toolbox_p9bf"]
UK commercial broadcaster ITV has cancelled bonuses and cut the salaries of its most senior executives, including CEO Carolyn McCall, as the coronavirus crisis continues to hit revenues.
In a statement to the London Stock Exchange today, the broadcaster said it was taking a number of measures to reduce its costs and manage its cashflow in response to the Covid-19 pandemic which has the country on lockdown.
“ITV’s priority is to protect its people, while striving to ensure that it continues to keep viewers informed and entertained through delivering the news and programmes its viewers value and love to watch,” said the broadcaster, which has already adjusted its schedule and reported a decline in ad revenues.
The broadcaster’s remuneration committee has cancelled cash bonuses owed to the executive directors and management board, including McCall, for 2020.
A voluntary 20% reduction in base salary for the executive directors and management board for the duration of the government-imposed lockdown has also been agreed, and this will be reviewed again if the lockdown continues past June 30.
The non-executive directors will also take a 20% reduction in their fees for the same period.
In addition, as part of the cost-saving measures ITV has introduced, it has already put in place a recruitment and salary freeze across the company.
The statement continued: “The committee continues to closely monitor the impact of coronavirus on the ITV group, recognising that circumstances continue to change rapidly and that further measures may be necessary.”