ITV updates on Covid-19 response
April 3, 2020
On March 23rd, UK commercial broadcaster ITV announced a number of measures to reduce its costs and manage its cashflow in response to the Covid-19 pandemic. 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.
At the request of the Executive Directors, the Remuneration Committee has carefully considered the application of the Remuneration Policy in 2020.
The Committee has decided to use its available discretion to apply the Remuneration Policy for 2020 in the following ways for this year:
- The Annual Bonus for the Executive Directors and Management Board has been cancelled and there will be no cash bonus payable to them in respect of the Company’s performance in 2020;
- A voluntary 20 per cent reduction in base salary for the Executive Directors and Management Board for the duration of the current Government-imposed lockdown. In the event that the lockdown continues beyond June 30th, the Committee will review this matter again at that time; and
- The Non-Executive Directors will also take a 20 per cent reduction in their fees for the same period of time.
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 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.