Associated Newspapers editor-in-chief Paul Dacre received a 21 per cent pay rise in 2007 bringing his total remuneration to £1,494 million.
It was an increase on the £1,234 million total from last year and makes him by far the most well paid national newspaper editor in the UK.
He received salary of £1,034,000 and “cash allowances” of £443,000. This was paid as a result of Dacre opting out of the DMGT Senior Executives Pension Fund and was described as a payment in lieu of that.
Dacre, who as well as editor-in-chief is editor of the Daily Mail, received benefits in kind of £17,000 – which could include the taxable value of his company car, fuel allowances and medical insurance.
It was a year in which revenue from circulation at Associated Newspapers increased by one per cent to £378 million – with the Mail titles performing ahead of the market.
The Daily Mail increased its share of the market by 0.3 per cent to 20 per cent – which was said to be a record.
Daily Mail circulation of 2,333,000 was down 1.8 per cent year-on-year compared to an average market decline of 3.1 per cent.
Associated Newspapers made revenue of £986 million in 2007 and operating profit down to £83 million from £99 million.
Executive director Padraic Fallon and chairman of Euromoney Institutional Investor, 61, remained by far the best-paid DMGT board member thanks to a scheme whereby he banks 6.49 per cent of the pre-tax profit earned by Euromoney. This meant that while his salary was £221,000, his total pay – with bonus and profit share – was £4,001,000
DMGT chairman Lord Rothermere, 40, was paid a total of £827,000, chief executive Charles Sinclair, 61, was paid £1,375,000, and finance director Peter Williams, 54, earned 785,000. The big earner on the DMGT board was managing director of Associated Newspapers Kevin Beatty who banked £866,000
Directors’ pay is set by the remuneration committee which is chaired by Lord Rothermere – who is also the company’s largest shareholder.
The report reveals that as of 30 September, Lord Rothermere owned shares in DMGT worth £581 million.
Other major shareholders include Fallon, with shares worth £2.6 million, Williams with shares worth £1.4 million and Dacre, whose shares were worth £0.8 million.
2007 was a year in which DMGT revenues were up £2.2 billion and in which adjusted proft before tax was up 11 per cent to £288 million.