INM lessens its influence on APN board of directors

IRISH media giant, Independent News & Media (INM) has de-consolidated its shareholding in Australian media group, APN, by lessening its influence on the company’s board of directors.

INM will keep its 31.6% stake in the Sydney-headquartered group, but the latter will no longer be consolidated in INM’s group financial statements — meaning there will be an effect on the Irish group’s net profit and earnings per share figures.

Earlier this year Australian investment bank and corporate advisory firm, BKK Partners lobbied APN’s largest institutional investors to push for a more independent board and a reduction of INM figures.

Yesterday’s announcement said that both Donal Buggy and Cameron O’Reilly will retire from the APN board at the end of this year. Brendan Hopkins will also retire as APN’s chief executive, by the same date, and be replaced by Brett Chenoweth.The changes to the board, according to INM chief executive/APN chairman, Gavin O’Reilly, will “ensure that APN has a smaller board, comprising a majority of independent non-executive directors.”

The APN board will now feature just two INM figures in Mr O’Reilly and Vincent Crowley (INM’s chief operating officer).