Trinity's executive finance director Vijay Vaghela and group legal director Paul Vickers also received healthy pay deals.
Vaghela pocketed £811,000 in 2006, an increase of 39% from his remuneration of £585,000 in 2005. This included a £400,000 bonus.
Similarly, Vickers received a 21% top up -- £626,000 in 2006, which included a bonus of £250,000, compared to a total pay deal of £516,000 the year before.
The bonuses awarded to Bailey and other executives were calculated with reference to "budgeted target operating profit and individual key tasks designed to develop and pursue the company's strategic development".
Previously executives received bonuses according to performance of the Daily Mirror's circulation figures.
But this was axed in 2005, a year before the paper's circulation slid by 6.3% and its market share dropped from 19.3% in the last six months of 2005 to 18.7% in the same period of 2006. This translated to a fall in revenues by £51.5m to £1.03bn for 2006.
The company remuneration report will be put to shareholders for their approval at the annual general meeting on May 10.
This year's massive pay deals are a stark contrast to the staff cuts at the Group over the last few years. Editorial and production staff have been reduced by 20% at Trinity Mirror since 1999, according to figures contained in a report published by the School of Journalism and Media and Cultural Studies at Cardiff University.
Trinity Mirror is one of the UK's largest publishers, with a portfolio including 240 local and regional newspapers, five national newspapers, including the Daily Mirror and Sunday Mirror, and four sports titles.
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