The new chairman at Independent News and Media (INM) has extended its campaign to fight off the State’s corporate watchdog, telling shareholders that installing inspectors would do more harm than good to the country’s largest media firm.

Independent News and Media (INM) shares have fallen almost 2% in reaction to the group saying rising costs, including a €1.5m payoff to former chief executive Robert Pitt, sent profits plunging last year. The Irish Independent, Sunday Independent and Sunday World owner said pre-tax profits, for 2017, fell by nearly 32% to €28.5m, and revenue tumbled by 9.4% to €293m.