STV Woodward handed 10% bonus to pocket £660,00 salary
STV chief executive Rob Woodward gained a 10 per cent bonuslast year that swelled his annual salarly to £661,000.
It is a noticeable increase on the £601,000 he earned in 2013 and accounted for 46 per cent of the maximum amount payable.
The bonus reflects the broadctaser’s strong performance in a year that saw it reap the commercial rewards of the World Cup as well as benefit from the growth of its local stations. Revenues at STV, which holds the two ITV franchses for Scotland, jumped 7 per cent in 2014 to £120.4m. STV quadraupled its dividend as a result.
STV’s Finance director George Watt also benefited from the growth. He gained a £106,000 on top of his £214,000 basic salary to push his total earnings to £379,000, up from £346,000 in 2013.
Changes to STV’s bonus system will be discussed later this year. Chairman of the remuneration committee Genevieve Shore has said the proposed tweaks would inlcude 20 per cent of annual bonuses being deferred for a period of three years and a long-term incentive scheme offeting up to 100 per cent of salary in shares.