LONDON (dpa-AFX) - ITV Plc (ITV.L) on Friday announced a pay cut and the cancellation of bonus due to the coronavirus or COVID-19 pandemic.
The company has canceled the annual bonus for the Executive Directors and Management Board, and there will be no cash bonus payable to them in respect of the Company's performance in 2020.
Further, the company announced a voluntary 20% reduction in base salary for the Executive Directors and Management Board for the duration of the current Government-imposed lockdown. If the lockdown continues beyond June 30, the 2020, the Remuneration Committee will review this matter again at that time.
The Non-Executive Directors will also take a 20% reduction in their fees for the same period of time.
The company on March 23 had announced a number of measures to reduce its costs and manage its cashflow in response to the COVID-19 pandemic.
The company then withdrew market guidance for 2020 and said it has decided not to propose the final dividend of 5.4 pence.
In London, ITV plc shares were trading at 57.56 pence, down 2.87 percent.
Copyright RTT News/dpa-AFX