Trinity Mirror chief executive Sly Bailey's total pay falls 28%

Trinity Mirror chief executive Sly Bailey's total take-home pay fell by more than a quarter last year, after she failed to qualify for a full performance-related bonus.

Bailey, who has led the national and regional newspaper publisher since February 2003, received £1.048 million in 2011, remuneration figures published in the group's annual report today reveal.

This figure is down 28.4 per cent on the previous year's payout of £1.465 million.

Her base salary of £736,000 was frozen for the fourth consecutive year, along with the rest of the board. On top of this, she received a £248,000 cash bonus linked to the group's operating profit performance – less than the £825,000 for which she would have been eligible if all targets had been met.

Bailey also received £11,000 in taxable benefits and a £53,000 deferred share award from 2008. Her pension contributions, at £248,000 or a third of her base salary, remain stable on the previous year, because of the executive pay freeze.

Trinity Mirror said in its annual report that for the fifth year running directors would have their base salary frozen again in 2012.

Some of Trinity Mirror's staff and shareholders have voiced concern about the level of executive pay. The publisher's share price has plummeted by more than 90 per cent in the nine years since Bailey took over as chief executive.

The company reported a 15 per cent decline in operating profit in 2011, to £104.5 million, due to increasing newsprint prices.

The National Union of Journalists said at the time of the results announcement: "As a strategy, the NUJ is clear that the core business cannot continue to be neglected and raided for massive cost cuts. Otherwise when the recovery does come, Trinity Mirror will be so weak it gets pushed aside by its competitors in its prime activity."

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