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STV boss sees pay fall after receiving no incentive plans

STV chief executive Rob Woodward has seen his total pay package fall almost 14%.

The company's annual report for 2013, published yesterday, shows that Mr Woodward's basic salary was flat at £380,000.

Contributions instead of pension payments were steady at £76,000, while his other taxable benefits, worth £16,000, also did not move.

His annual bonus was up from £117,000 to £129,000 as a result of a year when STV posted a 16% rise in profits to £15.2 million and returned to paying a dividend for the first time since 2006. However Mr Woodward's total package was down as no long-term incentive plans were paid out during the year, compared to £107,000 which vested in 2012.

Mr Woodward, who has been at STV since 2007, will not receive any increase in his basic salary for 2014 but will have a 10% rise in his bonus potential.

The document also outlines that chief financial officer George Watt was paid a total of £346,000, compared to £392,000 in the previous year.

The lower figure was again a result of no long term incentive plans maturing in 2013.

Mr Watt gets a basic salary of £214,000. The annual reports states there have been no increases to basic salaries for executive directors since 2007.

Chairman Baroness Margaret Ford will receive a fee of £95,000 for 2014.

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