Buckley may make comeback at INM

ON MONDAY, Independent News Media will hold an extraordinary general meeting to elect four new non-executive directors to bolster its current six-person board.

This is hugely embarrassing for the media group and follows the disintegration of the last board, when seven directors left in an eight-week period. They included chief executive Gavin O’Reilly, who resigned his post, and chairman James Osborne, who was ousted at its agm by Denis O’Brien and Dermot Desmond.

It truly will be an extraordinary meeting as INM seeks to have Leslie Buckley re-elected as a director.

Buckley was booted off the board by shareholders in June 2011 when almost 58 per cent voted against his re-election. The Cork man feels strongly that he was shafted by the O’Reilly camp, although Gavin O’Reilly has always asserted that it was recommendations from external proxy advisers that persuaded shareholders to vote Buckley out.

The advisers questioned Buckley’s independence given his close ties with O’Brien. Buckley, along with Paul Connolly and Lucy Gaffney, was one of three O’Brien representatives on the INM board at the time.

Given their long history in business together, it is no surprise that O’Brien wants Buckley back at INM. Desmond has also previously expressed support for Buckley, who has a strong track record in business and is an experienced and skilful executive.

However, many shareholders might question, with some justification, why they should once again have to vote on Buckley’s election as a director of the company. After all, it’s only 13 months since they last cast their verdict on his membership of the board.

There is even a suggestion that Buckley might be chosen as INM’s new chairman, although accountant Jerome Kennedy is also linked with that role.

It would be some comeback.

With O’Brien having increased his INM holding to 29.9 per cent, Buckley’s re-election looks a certainty.