ANGRY shareholders in newly-merged ITV branded the £15m pay-off to the former chairman of Carlton Communications as obscene.

Investors told the company's annual meeting that they believed Michael Green did not deserve the payout, which he received after shareholders blocked him from becoming chairman of the new ITV.

One shareholder said that the award seemed to be so enormous as to be unreasonable and obscene.

Another shareholder said the company, which was formed in February in a £4.5bn merger between Granada and Carlton, had done well for small shareholders, but he said that in the award to Mr Green, they had failed.

The chairman of the new ITV, Sir Peter Burt, said he and his colleagues on the board of ITV were not happy about the amount paid to Mr Green.

But Sir Peter said the company's lawyers had advised them that Mr Green had a potential case for constructive dismissal and that he was entitled to compensation for loss of office.

Sir Peter said the company had to act in line with the rules of its pension schemes and the law.

The comments by Sir Peter and shareholders came ahead of votes to re-elect the directors who authorised the payment to Mr Green.

Reports had suggested that 40 per cent of shareholders may abstain or vote against their re-election.

ITV shareholders later approved all the resolutions tabled at the annual meeting, with more than 90 per cent of the votes cast going in favour in each case.

Three of the directors of the company who, as former Carlton directors, authorised the pay-off to Mr Green - John McGrath, Etienne de Villiers and Sir Brian Pitman - saw a higher number of votes cast against them than the other directors.