Trinity Mirror AGM

Posted: May 9th, 2016

AMP committee members RAY WEAVER and BILL ROWNTREE attended the Trinity Mirror AGM in London on May 6, 2016 on behalf of the Association.

In the Q&A session towards the latter part of Trinity Mirror’s annual general meeting, AMP asked a number of questions relating to pensions, deficits, schemes merger and other matters, and we hope to publish a full report before our own AGM in October.

In the meeting proper, TM’s chief executive Simon Fox said that, for him, the highlights of 2015 were the acquisition of the 80 per cent of Local World that Trinity Mirror did not already own, and the various industry awards – including the Daily Record being named Newpaper of Year. He also pointed out that although overall revenue was down, the operating profit was up.

Chairman David Grigson said that TM planned to expand its digital business. He added that TM was moving quickly to settle phone-hacking claims and hoped costs would be within the £41 million provision already made – although he admitted this might increase because of new claims.

Much of the Q&A session was taken up with the closure (the following day) of new national daily New Day after eight weeks. It is thought 12 journalists will be made redundant. Neither David Grigson nor Simon Fox were willing to tell shareholders the scale of the losses this venture had incurred, claiming the information was “commercially sensitive”.

David Grigson was asked on a point of order whether these figures would be included as a separate item in the accounts presented in the company’s 2016 annual report. He replied that TM does not give profit or loss figures for individual titles, rejecting an accusation of secrecy.