Trinity Mirror shareholders approve Sly Bailey pay by narrow margin

Trinity Mirror has narrowly avoided a shareholder revolt over chief executive Sly Bailey's pay - with just over half of investors approving the company's remuneration report at yesterday's annual general meeting.

A resolution to approve the remuneration package outlined in Trinity Mirror's annual report passed with just 54.11 per cent of shareholders voting in favour.

However, a motion to re-elect Sly Bailey as chief executive for the rest of the year received an 85.42 per cent yes vote.

Trinity Mirror's annual report showed Bailey received a take-home pay of £1.048 million in 2011 - down 28.4 per cent on the previous year's payout of £1.465 million.

The company announced earlier this month that Bailey would step down from the company at the end of this year, after almost 10 years in the job.

She said in the announcement: "Now I feel the time has come to hand over to someone else to take up the challenge and for me to seek new challenges and opportunities elsewhere. My immediate priority is to continue to run the business, to deliver the best possible performance for 2012."

The National Union of Journalists had written to Trinity Mirror shareholders urging them to reject the remuneration report.

General secretary Michelle Stanistreet said in the letter: "Sly Bailey said she will stand down by the end of the year. Let's not prolong the agony: we think she should go immediately and without the touted £1 million golden goodbye."

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