Does integrated information lack subjectivity?

I investigate the status of subjectivity in Integrated Information Theory. This leads me to examine if Integrated Information Theory can answer the hard problem of consciousness. On itself, Integrated Information Theory does not seem to constitute an answer to the hard problem, but could be combined with panpsychism to yield a more satisfying theory of consciousness. I will show, that even if Integrated Information Theory employs the metaphysical machinery of panpsychism, Integrated Information would still suffer from a different problem, not being able to account for the subjective character of consciousness.