STV bosses see their pay drop

Published on 20/03/2013 00:00

STV chief executive Rob Woodward and chief finance officer George Watt saw their pay packets shrink after they did not receive payouts under a bonus plan, according to the company’s annual report.

Woodward’s total remuneration fell to £614,000 in 2012 from £673,000 in 2011, while Watt’s package decreased to £352,000 from £385,000. Both men’s basic pay and benefits were flat and each received payouts under a 2010 bonus plan, but not from a 2011 bonus programme.

Underlying pre-tax profits at the Glasgow-based broadcaster edged up to £14.4 million in 2012 from £14m in 2011. Investors at next month’s annual general meeting will vote on a proposed “value creation plan” to reward the directors.