Chairman Designate and Non-Executive Director
Trinity Mirror plc (the "Company") has today received notification that two of its executive directors have today purchased shares in the Company.
Mrs Sly Bailey, Chief Executive, has purchased 10,000 ordinary 10p shares at a consideration of 481p per share. As a result of this transaction her total beneficial holding in the Company is 10,000 shares representing less than .01% of the issued share capital of the Company. In addition she holds an option over 505,689 shares.
Mr Vijay Vaghela, Group Finance Director, has purchased 5,000 ordinary 10p shares at a consideration of 481p per share representing less than .01% of the issued share capital of the Company. As a result of this transaction his total beneficial holding in the Company is 6,155 shares representing less than .01% of the issued share capital of the Company. In addition he holds options over 46,007 shares.
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|OUR FINANCIAL OBJECTIVES
||To deliver sustainable growth in revenue, profit and cash flow|
We are aware that our business activities have an impact on the environment, but at Trinity Mirror it is how we manage and minimise these impacts that matters most to us. Let us tell you what we’re doing to achieve this.
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1. Tax governance
The Board is responsible for ensuring that the Trinity Mirror plc group of companies has an effective system of corporate governance, which includes tax governance.
As a socially responsible organisation the Group acknowledges that it has an obligation to pay the right amount of tax that is legally due in respect of its business activities in the countries in which it operates.
Tax governance focuses on the Group’s strategic tax objectives, its tax risk management policy, and the day to day operational processes and controls that are designed to ensure that tax risks are managed effectively.
While the Board is responsible for all taxes to which the Group is liable the material taxes for the Group include corporate taxes, property taxes, employment taxes and indirect taxes.
2. Group tax strategy
The Trinity Mirror Tax Strategy has been published in accordance with the requirements of Schedule 19 of the Finance Act 2016 in respect of our financial year ending 31 December 2017.
The Board’s medium term financial objective is to deliver sustainable growth in revenue, profit and cash flow, and this objective forms an integral part of the Group’s vision and strategy.
The Board views taxation as an important element of overall business decision making and adopts a commercial but prudent approach that reflects the Group’s appetite for taking well balanced risks deemed necessary to develop the business where they are in line with strategy and do not knowingly compromise the Group’s existing brands, reputation or financial stability, and which do not expose it to regulatory risk.
The Group’s tax strategy is aligned with the Group’s Standards of Business Conduct which are embedded in the culture of the Group.
The key tax objectives are:
- Compliance with all relevant tax laws, rules, regulations and reporting and disclosure requirements that the Group is subject to,
- Tax strategy to be consistent with the Group’s overall risk management process and subject to regular review,
- Diligent and professional care to be employed in the assessment and management of tax risk,
- Build a transparent and trusted relationship with the tax authorities through a collaborative professional working arrangement,
- Commercial transactions to be structured in the most tax efficient manner permitted by current tax law and considered reasonable,
- Where appropriate make use of incentives or reliefs whilst respecting the underlying legislative intention.
3. Tax risk management policy
The board has overall responsibility for the Group’s system of risk management and internal controls.
Tax risk involves uncertainties, as to how tax law and practice may apply in respect of a particular set of facts and circumstances, and also whether the Group has processes in operation that enable relevant and accurate tax information to be extracted so that tax returns can be prepared and submitted on a timely basis.
In relation to the management of tax risk, a regular assessment is made of the principal tax risks, together with a review of the effectiveness of the internal controls system. The assessment of tax risks includes a review of the tax management processes that are in place, tax uncertainties and significant risks. A regular review is made of the corporate risk map which details a description of the risks the Group faces, an assessment of the impact on the business of those risks, the probability of occurrence, management accountability and applicable policies. In this way all key risks with a potential taxation impact can be identified and managed effectively.
The application of tax law can sometimes be unclear given a specific set of facts and circumstances and give rise to uncertainties in terms of the appropriate treatment of a specific transaction. Whilst we will always seek to come to an agreement with HMRC over differences of interpretation, these types of transactions can lead to a raised level of tax risk.
4. Tax operating model
a. Tax risk and control environment
Process maps are developed to enable the tax risks to be identified and controls implemented to mitigate those risks. The risks and controls are subject to routine monitoring and are to be adapted as business processes change.
The Tax policy sets out in more detail the processes and procedures followed in respect of each tax to ensure risks are minimised
b. Roles and responsibilities
Accountability for the tax strategy and management of tax risk ultimately rests with the Board. Responsibility for the implementation of the tax strategy rests with the Group Finance Director, who fulfils the role of Senior Accounting Officer, and is supported by the Group Tax department on a day to day basis. The Board is updated of any significant tax issues requiring its oversight or input at its regular Board meetings.
The Tax policy sets out the roles and responsibilities of the Group Taxation department including data preparation, review of returns, and authority levels.
The Group Taxation department, led by the Head of Tax & Treasury and overseen by the Group Finance Director, is responsible for developing and maintaining a good professional and collaborative working relationship with the tax authorities.
Enquiries and requests for information are to be dealt with on a timely basis.
Disputed matters are to be resolved as soon as is possible in order to reduce uncertainty surrounding the tax issues affecting the Group.
To meet this objective the following are to be adhered to;
- Tax returns to be submitted by their due date,
- Tax payments to be made by their due date,
- Adequate financial systems to enable relevant and accurate tax data to be extracted for inclusion in tax returns,
- Fair disclosure of a tax technical position taken in preparing a tax return,
- Risk assess transactions and work collaboratively with HMRC in order to ensure, wherever possible, that we can reach agreement over the interpretation and application of tax law. Where we cannot reach agreement with HMRC on the interpretation of law and there is no other practical means of achieving agreement, we may seek to test the matter in the Courts. We will however aim to collaborate appropriately with HMRC on the conduct of such actions.
In relation to tax planning the Group will not enter into transactions artificially designed to obtain a tax advantage.
Where appropriate the Group will make use of incentives or reliefs to reduce the Group’s effective tax liability where such use is consistent with the underlying legislative intention.
Where possible the Group Taxation department will seek to obtain a pre-transaction clearance from the tax authorities and will make full disclosure to the authorities of any tax planning undertaken at the earliest opportunity.
In respect of complex transactions or difficult interpretations of tax law the Group Taxation department will, on agreement with the board, engage legal counsel or other third party professional advisers to provide written opinions of the interpretation of tax issues faced by the Group. These opinions will be used by the Group Taxation department in formulating its overall advice to the board in respect of a specific tax issue.
c. Diligent and professional approach to dealing with tax risk
The Group Taxation department is responsible for ensuring that the Group’s corporate reputation is maintained at all times. The department is also responsible for ensuring that in respect of a proposed commercial transaction the board has a clear understanding of:
a) The potential tax benefit arising balanced against the potential financial costs, including, interest and penalties, and, in the event of dispute,
b) The potential damage that may be caused to the Group’s continuing relationship with the tax authorities.
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Trinity Mirror plc expressly disclaims and excludes all express warranties and implied warranties of merchantability and fitness for a particular purpose. Neither Trinity Mirror plc nor any of its respective subsidiaries, divisions, affiliates, agents or representatives shall be liable to you or any third party for any loss or injury arising out of the information or any actions taken or not taken in response to any information or your use of (or inability to use) this service. The compilations of material on this service are based on factual information extracted from sources believed to be reliable. However, Trinity Mirror plc do not accept responsibility and expressly disclaim liability for errors, omissions or mis-statements herein. Nothing in the information or service constitutes investment advice.
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Hilton London Canary Wharf,
|13/11/2008||Interim Management Statement|
|08/05/2008||Interim Management Statement|
Hilton London Canary Wharf,
Hilton London Canary Wharf,