Trinity Mirror PLC
18 February 2000
Share Dealings
Following the Group's previous announcement on 4 February, the Board of
Trinity Mirror plc announces that it has now completed a wide ranging review
considering appropriate procedures and practices regarding the financial
interests (particularly share dealings) of members of staff.
The Board recognises that the procedures that were in place relating to
journalists' share dealings in The Mirror fell below the high standard that it
expects. This is accepted by the Editor.
The Board accepts that compliance with the PCC Code would have been sufficient
had it been wholly observed. In its review, the Board found that there are a
variety of existing policies in place within the industry covering
journalists' share dealings but that the only standard is the observance of
the PCC Code. To ensure compliance with PCC standards and to eliminate
conflict of interests, it will immediately implement the following procedures
which will be incorporated into staff terms of employment where they do not
already exist.
- All journalists must avoid conflicts of interest between their personal
financial and property dealings and the carrying out of their professional
activities. In this context they must not take any action which would
jeopardise the reputation or integrity of the Group or any part of it. If
any action might be embarrassing then it should not be taken.
- No national title editor, deputy editor or financial journalist will be
permitted to own shares. This restriction would not, of course, apply to
shareholdings or options which employees may have in Trinity Mirror itself.
- The Board is reminding those employees who do already have compliance with
the PCC Code of Practice as part of their contract of employment that they
should adhere to each of its clauses. As an additional safeguard the Board
has decided that no regional title editor, deputy editor or financial
journalist will be permitted to own shares of listed companies within their
region.
- Clause 14 of the Press Complaints Commission's Code of Practice, which
deals with financial journalism, will apply to all journalists employed by
Trinity Mirror.
Following internal disciplinary procedures, Anil Bhoyrul and James Hipwell,
who wrote the City Slickers column, have left the company.
Enquiries:
Nick Fullagar Trinity Mirror plc 0207 293 3622
Rupert Younger Finsbury 0207 251 3801
James Leviton
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