Tuesday 31 January 2012

'Nevermind RBS, what about the media fat cats?'

Following the row over RBS chief executive Stephen Hester's bonus payments, the NUJ is turning its guns on the bumper rewards paid to executives in large media companies.

The NUJ today declared that public outrage directed at RBS should now be aimed at directors of the Trinity Mirror media group, who it says are pocketing more than £1.3 million a year - equivalent to 50 journalist jobs - at a time when editorial staff are facing another pay freeze and 700 job have gone in a year.

The NUJ says there can be no excuses for excessive bonus payments in the media industry and the money should be used to save jobs.

It claims the total directors’ pay and pensions bill for Trinity Mirror last year was £3.9million - £1.3million of which was cash bonuses - and chief executive Sly Bailey's package of pay and pensions was £1.7m, including a cash bonus of £660k.

Chris Morley, NUJ organiser said: “Stephen Hester has shown the way that most decent people in this country expect directors to act in companies that are failing to deliver growth. We need those at the top of companies such as Trinity Mirror, Newsquest and Johnston Press to show a real example and instead of thinking about their own wallets, to think instead about protecting their workforce and the overall business.

“Bonuses need to be earned and where that is in doubt the money should go to keeping up the resources of editorial departments across each business - not a race to the trough where rewards are showered on those who have done little to earn them.”

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