By Scott Wright
STV has seen off a mini-revolt over directors’ pay at its annual general meeting this week.
More than 25 per cent of the voted shares went against the directors’ remuneration report, which shows that chief executive Simon Pitts received total remuneration of £1.33 million for 2021.
Mr Pitts’ pay included a salary of £419,000, an annual bonus of £605,000 and a long-term incentive award of £201,000, the report shows. The amount paid to Mr Pitts, who has been chief executive of STV since January 2018, for 2021 came after he earned £467,000 in 2020. That year, Mr Pitts and other executive directors volunteered a 25 per cent cut in salary, applied for five months from April 1 to August 31, 2020, in light of the pandemic.
Mr Pitts did not receive a bonus or long-term incentive award in 2020.
The bonus Mr Pitts received for 2021 was 96% of the maximum possible, and came in a year that the company reported its highest-ever revenue and operating profit. STV reported to the City on March 9 that it made a profit before tax of £20.1m on revenue of £144.5m for the year ended December 31. Profits and revenue for the year were above pre-pandemic levels of 2019, with operating profit up 12% on 2019 at £25.2m.
The company highlighted the impact of a resurgent advertising market, strong viewing figures and the growth of its productions and digital streaming businesses.
Mr Pitts told the City then: “2021 was an exceptional year of growth for STV which saw us deliver the highest revenue, operating profit and lowest net debt on record.”
All resolutions tabled by STV at its annual meeting, which was held on Thursday, were passed by shareholders. More than 26% of the voted shares went against the resolution proposing the re-election of non-executive director Anne Marie Cannon, who has served on the STV board since 2014 and chairs the remuneration committee.
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