Trinity Mirror chief executive Sly Bailey is reportedly facing a shareholder rebellion over her ‘excessive’pay package.
According to the Sunday Times four of the company’s biggest shareholders – Schroders, Aviva Investors, Standard Life and Legal & General – have called on chairman-elect David Grigson to cut her £1.7m pay packet.
One top shareholder told the paper: ‘We have asked for Sly Bailey’s salary to be reviewed as it is excessive by most standards, let alone a company with a market value of about £100m.”
The paper also reported that between them the four key shareholders control 42 per cent of Trinity Mirror and that while none are yet looking to oust Bailey, it claimed her position would become ‘precarious’if she refused to cut her pay.
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Another source told The Sunday Times: ‘The company is hearing loud and clear what investors have been saying.”
Bailey’s pay rose 2 per cent to £1.7m last year, including a basic salary of £736,000, a cash bonus of £660,000 with an additional £248,000 in pension contributions.
This came amid widespread redundancies across it regional and national newspaper business and a 24 per cent slump in profits.
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Earlier this year the company announced the loss of 75 editorial jobs on its national newspapers, sparking calls for Bailey’s resignation by journalists working on Trinity’s Mirror titles and the People.
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