LONDON (Reuters) - A leading advisor to institutional investors said on Tuesday shareholders should oppose the board of British broadcaster ITV (LON: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.