The prospect of a fresh revolt over “fat cat” pay receded today after a major investor group pledged to support a deal for ITV boss Charles Allen worth £24m (€36.3m) over four years.

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.

Shares in ITV plc made their debut on the stock market today, following the merger of Granada and Carlton to create Britain’s largest commercial broadcaster.