The Irish Times Limited accounts for 2002 show that the company entered an agreement with Mr Conor Brady, the newspaper's former editor and a director until December 1st, 2002, to pay him, subject to certain conditions, €100,000 per annum index linked until April 24th, 2014. The conditions included a non-compete clause.

Mr Brady was editor from December 1986 to October 2002. Asked to comment, the managing director, Ms Maeve Donovan, said the agreement was negotiated in early 2002 as part of the restructuring of the company. The agreement had now been disclosed in the accounts and the details of the conditions applying to it were subject to a confidentiality clause, she said. Mr Brady declined to comment last night.

Mr Seamus Dooley, the Irish secretary of the National Union of Journalists said: "At no stage were we informed of the secret deal entered into with the former editor.

"The nature of the deal, the manner in which it was executed and the very deliberate concealment of the details make a mockery of the partnership process and serve to undermine the confidence of our members.

"It should be noted that the secret deal was carried out under the terms of the former board in a manner illustrative of a management style which contributed significantly to the financial crisis in the company."

Mr Dooley added that unions representing the company's staff would be seeking a meeting with Ms Donovan and the chairman of the company, Mr Brian Patterson over the agreement with Mr Brady.