Combined basic salaries of the nine executive directors of Independent News & Media rose by 35 per cent to €3.1 million (£2.4 million) in 1999 from €2.3 million (£1.8 million) in 1998.

The average salary amounted to €256,000 (£202,000) last year.

The annual bonuses increased to €1.8 million (average £158,000) from €1.4 million (average £123,000). The annual report also reveals that five directors made substantial capital gains following the purchase of the remaining minority shares in Independent Newspapers Holdings (South Africa), by the group. The exercise, and sale, of the South African shares under option netted Mr Liam Healy around £750,000, Mr Ivan Fallon £536,000, Mr James Parkinson £536,000, Mr J.G. Featherstone £997,000 and Mr V.C. Crowley £151,000.