LONDON May 9 A leading advisor to institutional
investors said on Tuesday shareholders should oppose the board
of British broadcaster ITV over pay and the re-election
of the company's chairman at its annual general meeting.
Pensions & Investment Research Consultants, which advises
investors such as pension funds on corporate governance issues,
said it baked 'oppose' votes for ITV's remuneration report,
which it considered "excessive".
"The CEO's total realised variable pay is considered
excessive at 239 percent of salary," it wrote in a report to
clients, while the estimated ratio of CEO to average employee
pay, at 46:1, was considered "inappropriate".
PIRC also opposed the remuneration policy, which sets out
pay plans for the next three years. ITV has said it had no plans
to make major changes, PIRC said, but the advisor considered the
maximum incentive awards excessive, at 550 percent of salary.
The advisor also recommended investors oppose the
re-election of Group Chairman and Nomination Committee Chairman
Peter Bazalgette as the number of women on the board was not
adequate, and no target had been set to increase the number.
(Reporting by Simon Jessop)