Trinity Mirror chief executive Sly Bailey survives shareholder revolt over her salary
Trinity Mirror chief executive Sly Bailey has survived a shareholder revolt over her pay – but just 54% of shareholders voted to approve the remuneration report at the company’s annual general meeting yesterday.
The large number of voters who rejected the report follows a rebellion by major shareholders - unhappy with her £1.7 million pay packet and the financial performance of the company.
Bailey had already announced she is stepping down from her post at the end of this year.
Media Guardian reports: “Investors voted to vent their mounting displeasure after a decade under Bailey's leadership, during which the publisher's market capitalisation has slumped from more than £1bn to £80m, and share price has fallen by over 90% to 30p. During that period, Bailey has pocketed more than £14m.
“The lack of confidence in the structure of pay and bonuses at the publisher will put pressure on Jane Lighting, the former chief executive of Channel 5, who heads the remuneration committee at Trinity Mirror. However a spokesman said she will not stand down from the position.”
According to The Guaridian, incoming chairman David Grigson, hinted at more that further changes to the board, and the company's salary policy were ahead, with performance targets likely.
However, Trinity Mirror has denied a news report that Bailey had been awarded a £1m pay-off.