INM chief's pay package up to €1.76m
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Sir Anthony O'Reilly, the chief executive of Independent News & Media (INM), saw his pay package, excluding pension, rise by 8.5pc to €1.76m last year.
Payments to Sir Anthony's defined-contribution pension were only made for six months of 2006 making direct comparisons with 2007 difficult.
When the 2007 pension contributions are included his remuneration came to €2.21m.
The bill for non-executive directors fell marginally last year from €1.64m to €1.63m. Most non-executive directors saw their remuneration fall or stay at 2006 levels.
Aside from Sir Anthony, the highest earner at Independent News & Media is Ivan Fallon, who is chief executive of INM UK. He received €1.66m last year, up 16pc on 2006.
Gavin O'Reilly, the group chief operating officer, received €1.53m, up 8.8pc; Vincent Crowley, the chief executive of INM Ireland, received €1.43m, up 11pc, and Donal Buggy, the group chief financial officer, received €1.15m, up 14pc.
Under International Financial Reporting Standards (IFRS), newspaper mastheads are valued at their acquired costs while internally generated mastheads, such as the Irish Independent and the 'Evening Herald' have no value, putting an IFRS valuations of the portfolio of mastheads at €1.26bn.
However, according to the annual report, an assessment carried out by expert valuers Grant Samuel & Associates puts a value of €3bn on the mastheads.
Separately, Tweedy Browne, an American investment fund, confirmed yesterday that it had acquired a 3.07pc stake in INM.
'The Sunday Tribune' recently quoted Tweedy Browne as saying it made the investment because it felt INM was a "shareholder focused" company, that it would be a long-term holder of the stock, and it admired INM's dividend yield and geographical spread.
- Tom McEnaney
