Trinity Mirror

Trinity Mirror

Interim Statement

In the May 2017 AGM results announcement, the Board of Directors of Trinity Mirror noted the proportion of votes cast against the remuneration policy. 

During 2016, Trinity Mirror’s Remuneration Committee conducted a comprehensive review of the Company’s remuneration arrangements, to ensure they continue to align with shareholder interests, reinforce the Company’s business strategy, and enable the Company to attract, motivate and retain high-calibre executives who can produce strong returns for shareholders. In finalising its proposals, the Committee consulted with, and took on board feedback from, institutional shareholders holding c.60% of the Company’s issued share capital.  In light of shareholder feedback, the Committee made some modifications to the shape of the proposals, including dropping a higher annual bonus limit in exceptional circumstances, reducing the level of LTIP vesting for Threshold performance and increasing the level of the share ownership guideline for all Executive Directors to 200% of salary. The Committee was pleased that all shareholders consulted were supportive of the final proposals to the policy.    

In its report, ISS recommended a vote against the remuneration policy due to the potential increase in incentive opportunities in combination with the fixed pay of the current executive team.  The Committee stated its expectation that incentive opportunities for the current executive directors would remain unchanged, and that any proposed increase would be subject to prior shareholder consultation. Unfortunately due to timing, this statement was unable to be included in the Directors’ Remuneration Report or the subsequent ISS report. 

The Board is committed to ongoing dialogue with shareholders on these and other matters.

David Grigson

Chairman of the Board of Directors

environmental policyTrinity Mirror is one of the UK’s largest multimedia groups, publishing over 150 regional newspapers, five national titles and a range of web-sites and digital products.

The Group employs over 4,300 people in centres across the UK, including five major printing sites.

We are committed to ensuring that our activities do not create pollution or otherwise damage the environment. This policy sets out our specific commitments in relation to the main areas where we have the potential to cause environmental impacts:

  • Paper sourcing, sustainable forestry and recycling
  • Energy consumption and greenhouse gases
  • Volatile organic compound (VOC) emissions from print works
  • Waste management and recycling
  • The purchase of contracted printing and product distribution services

We systematically monitor the environmental legal requirements and other compliance obligations that apply to our business, including industry codes of practice. We take action to ensure that all parts of the company remain compliant with the relevant obligations identified.

This policy has been adopted by the board of Trinity Mirror, who ensure that it is progressively implemented through a programme of annual targets and action plans. Progress against policy commitments is regularly audited, analysed and reported to ensure that our environmental management system arrangements continually improve and our environmental performance is enhanced.

Paper sourcing, sustainable forestry and recycling

Trinity Mirror is a major purchaser of graphic paper for newspapers and magazines, and we recognise the potential impact that timber extraction for paper-making may have on forest conservation.

We are committed to ensuring that the wood fibre used to produce our graphic paper comes from reputable sources. This means that we will seek to use either recycled fibre, or "virgin" wood fibre that comes from well-managed forests. Trinity Mirror supports the concept of independent third-party certification as a means of promoting good forest management practice and we will use our buying power to support certification schemes wherever possible.

It is Trinity Mirror's policy to:

  1. Maximise the use of graphic paper manufactured from fibre using recycled materials or wood from certified sustainable forests.
  2. Regarding graphic paper which contains virgin wood fibre:-
    • Work with our paper suppliers to trace the forests of origin of the virgin wood fibre that goes into the paper we use.
    • Wherever possible, purchase paper where the virgin fibre content has been independently certified as coming from well-managed forests.
    • Work with our suppliers to identify any forest sources of wood fibre that are unacceptable, either on environmental or social grounds, and seek to eliminate these from our supply chain.

Energy consumption and greenhouse gases

Trinity Mirror recognises that climate change, triggered by greenhouse gases from burning fossil fuels, poses a significant threat to the world's environment. We contribute to the emission of greenhouse gases through the energy we use for printing, for running our offices, distributing our publications and in business travel.

We are committed to measuring and wherever possible reducing the energy consumption associated with all of the operational activities where we have direct management control.

It is Trinity Mirror's policy to:

  1. Measure and report the energy consumption of our printing works and offices.
  2. Measure and report the energy consumption of our in-house vehicle fleet.
  3. Identify opportunities for energy saving and set defined action plans for achieving these savings.
  4. Identify and report business risks and opportunities presented by climate change and greenhouse gas emissions data, through internationally recognised schemes such as the Carbon Disclosure Project.
  5. Collaborate in industry-wide initiatives to better understand the carbon foot-print of printed media.

Volatile organic compound (VOC) emissions

The emission to the atmosphere of solvent vapours - known as "Volatile Organic Compounds" (VOCs) - has traditionally been a major concern for the printing industry. VOCs have been typically associated with the solvent content of important raw materials such as inks and cleaning materials used in printing processes. We have made considerable progress in recent years in reducing the consumption of raw materials that contain VOCs. In particular, most of our print sites have now moved to low-VOC inks and blanket washes.

This means that all of our own print works fall below the threshold limits for VOC emissions that would require authorisation under European environmental legislation. We are committed however to finding alternatives to our remaining uses of VOC-containing materials.

It is Trinity Mirror's policy to:

  1. Measure and report the consumption of VOCs at our printing works.
  2. Wherever possible substitute raw materials that contain VOCs with alternatives that contain either reduced or no VOCs.

Waste management and recycling

Trinity Mirror generates significant amounts of waste that require treatment or disposal. Major sources of waste from our operations include: paper from printing, packaging materials, office waste, end-of-life equipment and hazardous materials such as waste oils and chemicals.

We are committed to maximising the amount of waste we re-cycle or re-use. Where disposal is the only option, we will do this in a legal and responsible manner.

It is Trinity Mirror's policy to:

  1. Identify all of the waste streams from our premises.
  2. Identify opportunities for recycling or reusing wastes and realise these through defined action plans.
  3. Measure and report the quantities of all of our major waste streams and the proportion of each waste stream that is recycled or re-used.
  4. Progressively reduce and eventually eliminate waste that is sent to landfill.

Contracted printing and product distribution services

Trinity Mirror recognises that certain operations which are contracted out - notably the printing of magazine supplements and the distribution by road of printed products - may have significant environmental impacts. Potential impacts include energy consumption from printing and road transport and VOC emissions and wastes arising from printing processes.

We expect our major print and distribution contractors to have environmental policies and programmes which are equivalent to our own.

It is Trinity Mirror's policy to:

  1. Do business only with print and distribution suppliers who have effective environmental policies and programmes and, wherever possible, are certified to either the ISO14001 or EMAS environmental management system standards.
  2. Work with our suppliers to measure and report the energy associated with contracted printing, contracted product distribution and business travel.
  3. Work with our suppliers to measure and report the consumption of VOCs attributable to Trinity Mirror publications that are printed externally.
  4. Work with our suppliers to measure and report the generation of wastes attributable to Trinity Mirror publications that are printed externally.

The Board has adopted a progressive dividend policy which is aligned to free cash generation of the business. The free cash generation for the purposes of assessing the dividend is the net cash flow generated by the Group before the repayment of debt, dividend payments, other capital returns to shareholders and additional contributions made to the defined benefit pension schemes as a result of a substantial increase in dividends and/or capital returns to shareholders. When setting the level of dividends the Board will ensure that the Group maintains adequate headroom for investment and any unexpected cash flow requirements for historical events or to fund further restructuring. Based on the Board’s expectation of future cash flows the Board expects dividends to increase by at least 5% per annum.

The Company will also consider the return of capital to shareholders through a share buyback if it has generated surplus cash and sees an opportunity to enhance earnings per share and therefore shareholder value. Prior to initiating a share buyback programme the Company will carefully consider the cash generation of the business and the Group’s obligations to the Group’s defined benefit pension schemes. 

Dividend History

YearRecord DateEx-dividend datePayment dateDividend p/share
2017 08-Sept-17 07-Sept-17 29-Sept-17 2.25
2016 12-May-17 11-May-17 09-June-17 3.35
2016 04-Nov-16 03-Nov-16 25-Nov-16 2.1
2015 13-May-16 12-May-16 10-June-16 3.15
2015 02-Oct-15 01-Oct-15 30-Nov-15 2.0
2014 08-May-15 06-May-15 04-Jun-15 3.0
2008 03-Oct-08 01-Oct-08 31-Oct-08 3.2
2007 09-May-08 07-May-08 06-June-08 15.5
05-Oct-07 03-Oct-07 30-Oct-07 6.4
2006 05-May-07 02-May-07 08-June-07 15.5
06-Oct-06 04-Oct-06 31-Oct-06 6.4
2005 05-May-06 03-May-06 9-June-06 15.5
07-Oct-05 05-Oct-05 01-Nov-05 6.4
2004 06-May-05 04-May-05 10-June-05 14.30
08-Oct-04 06-Oct-04 01-Nov-04 5.90
2003 07-May-04 05-May-04 07-June-04 12.80
03-Oct-03 01-Oct-03 31-Oct-03 5.30
2002 09-May-03 07-May-03 04-June-03 12.30
04-Oct-02 02-Oct-02 31-Oct-02 5.30
2001 03-May-02 01-May-02 05-June-02 12.30
05-Oct-01 03-Oct-01 31-Oct-01 5.50
2000 04-May-01 02-May-01 31-May-01 12.30
29-Sep-00 25-Sep-00 27-Oct-00 5.30
1999 02-May-00 25-April-00 31-May-00 11.20
20-Aug-99 16-Aug-99 29-Oct-99 4.80
1998 12-Mar-99 8-Mar-99 7-May-99 10.10
02-Oct-98 28-Sep-98 30-Oct-98 4.40
1997 03-Apr-98 30-Mar-98 01-May-98 9.2
03-Oct-97 29-Sep-97 31-Oct-97 4.0

Our people are what make us tick. In a fast paced media environment, the talent, dedication, and enthusiasm of our staff is what drives us forward.

They are our biggest asset. From the Board to every member of staff across the business, there is a pride in what we do and what we stand for.

Our loyal readers and advertisers are attracted by the knowledge, insight and values that our iconic brands provide, none of which would be possible without our people.

Non-Executive Director

Steve Hatch

Non-Executive Director

Non-Executive Director

Non-Executive Director

Lee Ginsberg

Non-Executive Director