INDEPENDENT NEWS & Media (IN&M) paid €2.89 million to its former chief executive Sir Anthony O’Reilly in 2009, according to its annual report published yesterday.

The company also paid fees of €349,000 to Somers Associates for advice it provided to Sir Anthony during refinancing negotiations for the group during the year. Bernard Somers, a former director of IN&M, is the principal of Somers Associates.

Sir Anthony retired from his role with the group in May 2009 and is now president emeritus. During the year, the group incurred charges of €32,000 in relation to secretarial services provided to his office.

The report states that the executive directors agreed to a 10 per cent salary reduction from January 2009. “In recognition of the ongoing economic circumstances, it was agreed that the salaries of executive directors would not be increased for 2010 except where any executive responsibility had changed.”

The report shows that the only executive director who was paid a bonus during the year was the financial officer Dónal Buggy. The bonus of €250,000 was paid in recognition of the “extraordinary effort involved in agreeing and implementing the financial restructuring” of the group during 2009.

Mr Buggy’s total remuneration was €903,000, compared with €709,000 the previous year.

The group’s chief executive, Gavin O’Reilly, received total remuneration of €877,000, down from €978,000 the previous year.

All but one of the group’s non-executive directors received amounts ranging from €36,000 to €45.000. Chairman Dr Brian Hillary received total payments of €158,000, compared to €181,000 the previous year.

During the year, the group paid €102,0000 for consultancy services from Cansult Communications, a company in which non-executive director, Brian Mulroney, has a beneficial interest. The company provided political advice and consultancy services in relation to the global media industry. The contract with Cansult was terminated towards the end of 2009, according to the report.