STV shareholders in protest vote over bosses’ pay

STV CEO Simon Pitts

Almost 30% of shareholders of Glasgow-based media firm STV Group plc voted against the firm’s directors’ renumeration report at the STV AGM on Tuesday.

“The company announces that all resolutions proposed at its annual general meeting held at 11am today were duly passed on a show of hands,” said STV in a stock exchange statement.

However, 29.54% of shareholders voted against the directors’ renumeration.

Earlier, STV published a trading update for the first quarter, saying its business performance “continues in line with expectations and the guidance in the previous trading update of 28 February 2019.”

STV CEO Simon Pitts said: “We have made a strong start to 2019, with TV and online viewing levels continuing their positive momentum from 2018 and total advertising revenue also growing, demonstrating STV’s increasing resilience in the advertising market even in an uncertain economic climate. 

“Our STV Growth Fund goes from strength to strength, underpinning strong regional advertising sales and bringing new advertisers to television for the first time. 

“We are immensely proud of our new Scottish drama series – The Victim – which aired on BBC1 earlier this month to huge critical and popular acclaim and represents just the sort of landmark programming we want to do more of in future.”

“We also look forward to welcoming Lindsay Dixon as chief financial officer in May and wish George Watt every success following a stellar 20 year career at STV.”