Former Carlton boss pay-off examined by shareholders

Leading shareholders in ITV will examine the pay deal awarded to former Carlton boss Michael Green after being told yesterday that he was legally entitled to his controversial £15m (€22.10m) payoff.

If they are unconvinced by the arguments to justify the sum, shareholders may choose to vote against the re-election of the former Carlton directors to ITV's board at next month's annual meeting.

Sir Brian Pitman, a leading ITV non-executive director and former member of Carlton's remuneration committee, told two shareholder associations that the broadcaster had been legally obliged to pay Green £1.8m (€2.65m) for loss of office as well as a share and options package that is likely to deliver £13.2m (€19.45m).

The two associations control half the shares in the stock market.

Carlton is understood to have taken advice from City law firms Slaughter & May and Clifford Chance about the terms of the contentious equity participation schemes.

Investors, who approved the share schemes in outline, are understood to be keen to study the small print of the deal.

Green was subsequently ousted after a shareholder revolt focused on his role as executive chairman-elect.