Paul Dacre, editor-in-chief of Associated Newspapers, missed out on his annual bonus in 2006.
But the DMGT annual report reveals that he is still the highest paid editor in the UK, with total remuneration of £1,234,000 in salary and benefits.
Dacre, 57, is editor of the Daily Mail, editor-in-chief of Associated Newspapers (which includes the Evening Standard and The Mail on Sunday) and a member of the DMGT board.
His total salary was £985,000 in 2006, and he picked up a further £250,000 in allowances and benefits. In 2005 his pay was £997,000, a decrease on 2004’s seven-figure sum. Along with 11 other board members, he was not awarded a bonus.
DMGT chief executive Charles Sinclair received £1.37 million and executive director Padraic Fallon was top earner with £2.24 million, due to the fact that as chairman of Euromoney Institutional Investor, his pay is linked to that highly-profitable division’s performance.
Dacre’s lack of bonus may be due to the fact that Associated Newspapers’ total revenue for 2006 was £931 million, down £10 million on 2005. The division made an operating profit of £97 million, down £1 million year-on-year.
The report reveals that Dacre’s company pension fund now stands at more than £11m, an increase of £574,000, that he owns about £15m in DMGT shares and that his annual living allowance is nearly £250,000. After moving home in June last year he began receiving this as a cash allowance instead of money towards Central London accommodation.
The annual report of Guardian Media Group revealed last year that Guardian editor Alan Rusbridger, who sits on the GMG board, earns £312,000.