LONDON--Trinity Mirror PLC (TNI.LN) is to review how its chief
executive is paid in an effort to link rewards more closely with
performance in the wake of the Shareholder Spring that hit the
media group, the Daily Telegraph reports Tuesday.
The move follows shareholder anger over the GBP14 million that
outgoing CEO Sly Bailey received during the past decade despite a
steady decline in the newspaper group's performance and share
price.
Mrs. Bailey was ousted last month ahead of Trinity's annual
meeting, which saw nearly 46% of the shareholder vote go against
the company's remuneration report and the CEO's GBP1.7
million-a-year pay package, the paper adds.
"All remuneration is, and should be, performance related. There
is scope to do things differently," said new chairman David
Grigson, reports the paper. The CEO's base salary could be cut as
part of the review, it adds.
The past few months have seen a spate of disputes between
companies and institutional investors in the U.K., which have led
to a number of high profile resignations and some changes to
corporate remuneration policies.
Mrs. Bailey joins Aviva PLC (AV.LN) chief Andrew Moss and David
Brennan at U.K. drug giant AstraZeneca PLC (AZN.LN), all three
quitting as investor anger centers on executive pay perceived as
excessive in the light of company under-performance.
Newspaper website: http://www.telegraph.co.uk
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320