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. The Board accepts that compliance with the PCC Code
would have been sufficient had it been wholly observed. This is accepted by the
Editor.
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 share holdings 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.
