Allen's total 2004 package includes a £1m salary and £845,000 bonus, as well as receiving an additional £1.1m from exercising share options, according to ITV's annual report.
The large salary and benefits package will ignite fresh criticism over pay at the broadcaster. Former Carlton chief executive Michael Green received a £15m payoff when he was ousted from his job as a result of the merger between Carlton and Granada in February 2004.
Allen's pay deal has also been the subject of shareholder concern in the past, with talk of him being ousted sporadically circulating on the rumour mill. In 2003, he took home a total of £1.8m and stood to receive a payoff of nearly £2m if he left Granada.
As it stands, Allen could be set for a windfall of over £20m if ITV continues to finish in the top quartile of a FTSE 100 companies.
ITV's 2004 pre-tax profits rose 57% to £340m, despite ITV1 recording a 6% fall in its share of commercial TV viewers.
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