LONDON: Irate investors have given ITV executive chairman Michael Grade (pictured) a hard time over his £2 million ($3.8m; €2.5m) remuneration package last year, which he accepted at a time when the commercial broadcasting giant's shares were near rock bottom.
Grade, who told the annual meeting that his turnaround plan needed time to produce results, heard accusations that his performance and that of the ITV board was "shoddy and unsatisfactory".
He countered by saying: "It's a plan that I think you need to take a view on in a few years' time
"The first target we set was to improve the on-screen performance and I think we have done that very, very well.
"We are now outperforming our peers in the sector. We have to translate that into increased earnings and hopefully that will ultimately be reflected in an improved share price, but it's not a short-term project."
ITV's chief operating officer, John Cresswell, revealed the broadcaster's advertising revenues grew 2% in the first quarter, but will be flat across the first half.
This compares to a predicted one per cent decline across the total market, implying that ITV will outperform the market across H1 for the first time since 2000. Group Q1 revenues were up 3%. Meantime, the company is bidding against rival Channel 4 and online sales house Ad2One for a contract to sell web advertising for sites related to BBC programmes.
The publicly-funded broadcaster's commercial arm, BBC Worldwide, Channel 4 and ITV are preparing for the fall launch of their Kangaroo web-TV joint venture which will allow users to watch thousands of archive and current programmes online, supported by ads.
This will be the first time in the UK that BBC shows are surrounded by advertising, a move that could earn the corporation millions of pounds
Data sourced from MediaGuardian.co.uk and Data sourced from Telegraph.co.uk; additional content by WARC staff