Sources close to the Department of Culture, Media and Sport told The Business at the weekend that the salary is not attracting candidates of the right calibre because it is considered too low. The package comes in at £81,320 a year for four days' work a week.
It is believed that former Treasury mandarin and Abbey chairman Lord Burns is one of the senior figures who is wavering because the salary on offer does not account for the considerable work and stress involved.
Sources claim that Lord Burns is "not that wealthy" and would have to give up his current job to take on the role. Former BBC chairmen Davies, a senior Goldman Sachs executive, and Sir Christopher Bland each had private wealth.
As holder of one of the most high-profile roles in British broadcasting, both were exposed to constant media scrutiny. Davies was forced to resign after criticism on the BBC's handling of the death of Dr David Kelly and the Hutton Report.
The source also said that the salary was a factor for other potential candidates too.
The government hopes to make an appointment by the middle of next month so that the new chair can lead the process to appoint a director-general to replace Greg Dyke. Interviews are taking place this week, to be chaired by Sue Street, permanent secretary at the Department for Culture, Media & Sport.
Others shortlisted for the position include: veteran BBC broadcaster David Dimbleby; former Channel 4 chief Michael Grade; Patricia Hodgson, formerly chief executive of the ITC; and Richard Lambert, former editor of the Financial Times.
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