ITV PLC (LON:ITV) has cancelled its 2020 annual bonus for its executive directors and management as part of efforts to manage its cash flow amid the coronavirus pandemic.
The FTSE 100 broadcaster also said its executive directors will take a voluntary 20% cut to their base salaries for the duration of the UK government’s lockdown of the country.
READ: ITV cancels 2019 and 2020 dividends as advertising sales keep falling
Meanwhile, a 20% reduction will also be applied to fees charged by the company’s non-executive directors.
In addition to the pay reductions, the company added that it has also frozen recruitment and salaries across the board.
The new measures follow other cost saving moves last week, where the firm shelved its dividend amid a sharp deterioration in advertising revenue. The company has also suspended production of a number of its programmes including Coronation Street, Emmerdale and Loose Women.
Shares in ITV fell 1.5% in early deals on Friday.