Trinity Mirror to Review Pay After Holder Revolt - Newspaper

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; [phone]