Trinity Mirror's High Executive Pay Criticized - Newspaper

Four leading investors in Trinity Mirror PLC (TNI.LN) have expressed disquiet at the high levels of executive pay at the media company, reports The Daily Telegraph Monday, citing an unnamed shareholder.

They are particularly unhappy that Sly Bailey, the chief executive, was paid GBP1.47 million last year, plus a pension contribution of GBP248,000, at a time when the company's share price has drifted, the report says.

Four leading shareholders, who own between them 42% o f the company--Schroders PLC (SDR.LN), Aviva Investors, Standard Life PLC (SL.LN) and Legal & General Group PLC (LGEN.LN)--have met with Trinity's chairman-elect David Grigson and expressed the view that Bailey's pay needs to be cut, the report says.

One unnamed shareholder told the newspaper: "It is excessive by most standards, let alone a company with a market value of about GBP100 million."

Newspaper Web site: http://www.telegraph.co.uk

-London Bureau, Dow Jones Newswires; [phone]