INM confirms that two non-executive directors have been reclassified
Independent News & Media (INM) has confirmed that two of its non-executive directors are no longer considered independent following a board review undertaken by accounting and consultancy group Deloitte.
INM, which publishes newspapers including the Sunday Independent and Irish Independent, said that non-executive directors Allan Marshall and Triona Mullane have now been reclassified as non-independent.
In its annual report published on Friday, INM said Marshall provided consultancy services to it between 2013 and 2016 via a company called ComputerCallUK.
Marshall received additional remuneration from ComputerCall.
"The board is satisfied that Marshall has always demonstrated independence at board and committee but has determined that Marshall should not be considered independent… due to the materiality of this additional remuneration," it noted.
ComputerCall was paid €77,000 by INM last year and €158,000 in 2015. The INM contract with ComputerCall ended last year.
As previously disclosed by the group, Mullane provided consultancy services to INM in 2013. She is also the founder and chief executive of mAdme Technologies.
That firm has received a €280,000 investment from a company introduced to mAdme by a relation of Denis O'Brien, INM's single biggest shareholder.
The technology firm also has a contract with Digicel, which is owned by O'Brien.
INM's board, led by Leslie Buckley, has been in the spotlight after INM CEO Robert Pitt made a complaint under new whistle-blowing legislation to the Office of the Director of Corporate Enforcement (ODCE).
The complaint prompted the company law watchdog to seek records in relation to the possible acquisition by INM of radio station Newstalk.
INM generated a pre-tax profit of €41.8m last year, an almost 12pc increase on the 2015 figure. Its revenue was flat at €323.4m.
The company intends to hold its annual general meeting on August 23. It had previously intended to hold it on May 31.
Sunday Indo Business