SLY Bailey faces an investor rebellion over changes to her pay packet at Trinity Mirror’s annual general meeting next week.
Following shareholder unrest, the publisher of the Daily Mirror proposed a £500,000 cut to Bailey’s short-term cash and stock bonuses.
But the Trinity Mirror chief executive will be eligible to receive 144 per cent of her £750,000 base salary – compared to the current 80 per cent – in a share scheme that could see her long-term incentives increase by up to £480,000 a year, effectively balancing out the bonus cuts.
About a third of investors are expected to vote against the publisher’s placation attempt.
In the nine years since Sly Bailey became boss she has pocketed £14m, while the company’s share price has nosedived by 90 per cent.
Her pay packet totalled £1.3m in 2011, the year in which Trinity Mirror’s pre-tax profits dropped by 40 per cent.
Schroder, Aviva and Standard Life, which together own 37.6 per cent of the publishing company, are all said to have voiced concerns with incoming chairman David Grigson over the pay package.