By Scott Wright
THE boss of STV has volunteered to not take his bonus for 2019 "at this time" as the broadcaster protects its financial position throughhout the coronavirus pandemic.
Simon Pitts had been due to be paid a total of £1.1 million for the company’s 2019 financial year, according to the firm's annual report.
The report shows the remuneration for Mr Pitts, who joined from ITV in January 2018, included a salary of £411,00, pension contributions of £82,000 and a payment of £147,000, linked to his buy-out package from ITV.
He was also due to receive an annual bonus of £447,000. However, in a letter to shareholders in the report, STV chairman Baroness Margaret Ford said the "management board has volunteered not to take payment at this time of their performance bonuses earned as a result of the strong financial performance achieved in 2019."
Baroness Ford added that directors and the management board have volunteered to take a 25 per cent cut to their base salaries and fees, "effective from 1 April 2020 until the end of the Government’s lockdown restrictions".
She said: "The remuneration committee will revisit and exercise its discretion with respect to the management board performance bonuses for 2019 once there is greater clarity on the impact of Covid-19 on the business."
Baroness Ford said the “outlook narrative” in the report was approved on March 9, “before the early impact of Covid-19 was known”.
STV has since scrapped plans to recommend a final dividend of 14.7p per share for 2019 to conserve cash.
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