Boardroom row rumbles on at UTV
THE fallout from the boardroom row at UTV became clear yesterday, when the biggest shareholder apparently voted against the pay packet for executives and refused to back the chief executive.
Private equity group TVC, which owns just over 18pc of the media company, apparently voted to reject the directors' remuneration report, and abstained in the re-election of chief executive John McCann. The group is also thought to have voted against the return of long time director Roy Bailie to the board.
TVC chairman Shane Reihill quit the UTV board in February along with Kevin Lagan and former chairman John McGuckian after Mr McGuckian was removed as chairman.
Yesterday, 35pc of investors rejected the directors' remuneration report, while 34.6pc went against the election of Roy Bailie. Some 34pc of shareholders abstained in the re-election of Mr McCann.
Directors' total compensation fell nearly 25pc in 2011 to £1.6m (€2m). Mr McCann received just over £550,000, down 28pc year on year.
Shares in UTV, which owns Q102 and FM104, closed the day flat at 130p in London.