INM to examine board co-option

Independent News & Media (INM) is seeking legal advice to determine whether it can co-opt new members to its depleted board, without having to wait several weeks to hold a shareholder vote.

Within three working days of its seismic annual general meeting last Friday, the media group’s board shrank to just four members — one below the minimum level of five, which is required under the company’s own articles of association. In effect, the company is currently in breach of its own rules.

However, it should be known before the end of the week if there is need for another shareholders’ meeting in the coming weeks. The increasing influence of leading shareholder, Denis O’Brien — who owns 29.9% of the business — resulted in chairman James Osborne and chief financial officer, Donal Buggy being voted off the INM board at last week’s AGM at Dublin’s CityWest Hotel.