ITV execs to forgo bonus, take 20% pay cut during lockdown
By Michele Maatouk
Date: Friday 03 Apr 2020
(Sharecast News) - ITV's executive directors and management board will forgo their annual bonus, the broadcaster said on Friday, as it looks to weather the coronavirus outbreak.
They have also agreed to a 20% reduction in base salary throughout the government-imposed lockdown. If the lockdown continues beyond 30 June, the matter will be reviewed, ITV said.
Non-executive directors will also take a 20% cut to their salaries for the same period of time and as part of the company's cost-saving measures, it has already put in place a recruitment and salary freeze.
"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," it said.
The broadcaster announced last month that it was scrapping its dividend and withdrawing market guidance as the Covid-19 crisis ate into advertising revenues and forced it to put productions on hold.
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