ITV investors' fury over Green pay-off

THE BOARD at ITV Plc faced a torrent of criticism from shareholders today over pay-offs to former directors and potential multimillion rewards for current executives.

Shareholders described a £15m pay-off to former Carlton Communications chairman Michael Green as unreasonable and obscene.

They also demanded assurances that directors of the newly merged £5bn ITV would not get similar pay-offs if it is taken over.

One investor said: 'You have given £15m of our money to Michael Green, which is the same as was paid to the entire board for the last seven years.'

Another said: 'You have failed small shareholders. Green got this pay-off because of the dereliction of the board and the £1bn ITV Digital debacle.'

Sir Brian Pitman, who headed Carlton's pay committee, admitted: 'The amount, I agree, was too large. But it was not a question of fairness but what Michael Green was legally entitled to.

'We had to follow the law and the various pay and bonus schemes had been approved by shareholders. There was no choice. I was not happy about the amount but I had to follow the law.'

Shareholders also attacked deputy chairman Sir George Russell for sitting on the panel that appointed Michael Grade chairman of the BBC. But new ITV chairman Sir Peter Burt said he was happy with Sir George's decision to sit on the panel.

ITV finance director Henry Staunton, 55, is to be a non-executive director at insurance group Legal & General.