May 2017 Financial News

Three elected to GML board

May 23, 2017

Guardian Media Ltd (GML) shareholders yesterday elected three new directors on to the media company’s board at its 101st annual meeting, which was held at the Radisson Trinidad Hotel.

The three new GML directors were Principal of the St Augustine campus of the University of the West Indies, Professor Brian Copeland, retired First Citizens executive Sharon Christopher and head of content at GML Nicholas Sabga.

GML chair Teresa White, in her report accompanying the financial statement, said the company has restructured its business to “make the most of the rapidly changing media industry, better aligning our operations with how our audiences and advertisers use media in the digital world.”

White also signalled that a new phase of GML’s print optimisation project is to begin soon, but she did not give a definitive timeline.

Alluding to T&T’s economic downturn, GML managing director, Lucio Mesquita said a transformation plan is never easy to implement. In his message accompanying the company’s 2016 annual report, he said: “A transformation plan, especially during tough market conditions, is never easy. We are having to make difficult decisions, including staff reductions,” he said.

Mesquita assured shareholders that the relationship between management and the union remains good. “Although we will not always agree on everything, I am pleased with the relationship we have been developing with our staff union, BIGWU, especially in areas of common interest like health and safety and professional development,” said Mesquita.

He added: “We made considerable gains in 2016 but some of the most complex and radical changes to GML’s way of working will only be completed in 2017.”

In its 2016 annual report, Guardian Media Ltd (GML) reported profit after tax of $6.3 million for the period ended December 31, 2016 and earnings per share of $0.15.

A final dividend of $0.50 will be paid in June 2017.

Source:
Trinidad Guardian
Tuesday May 23, 2017

http://www.guardian.co.tt/business/2017-05-23/three-elected-gml-board