The board of Independent News & Media has released the findings of a study it commissioned to look at its performance.
It says the report - from Professor Jay W Lorsch of the Harvard Business School - found that the INM board was 'functioning effectively' and was in compliance with the code governing the operation of the boards of stock market listed companies.
The report is a response to the Davis report commissioned by Denis O'Brien, who last week increased his stake in INM to over 25%. This said INM fell far short of best practice and lacked sufficient independence. INM rejected these findings and today quoted the Lorsch report as criticising its methodology.
Mr O'Brien is the company's second biggest shareholders, behind chief executive Dr Tony O'Reilly, who owns just under 28%. Dr O'Reilly and other directors own a total of 29.4% of the company.
The release of this report by the INM board comes ahead of the company's annual meeting of shareholders next Wednesday in London.
