INM director quizzed over O’Reilly pay
Paul Connolly was being cross-examined on the opening day of his action against INM over a 7-2 vote by the company’s board on Apr 19 to make the payment to secure Mr O’Reilly’s retirement as chief executive and director.
Mr Connolly, who was nominated in 2009 to the board by INM’s major shareholder Denis O’Brien, and re-elected in subsequent years, is seeking declarations from the Commercial Court that the payment was unlawful under the Companies Act because it should first have been approved by the shareholders.
