Independent News & Media Chairman James Osbourne and Chief Finance Officer Donal Buggy have been voted off the board.

Earlier, a representative of Dermot Desmond told the AGM of IN&M that Mr Desmond is voting against re-election of directors, with the exception of Paul Connolly.

The representative attacked the payment of €1.9m to outgoing CEO Gavin O'Reilly.

A representative of Denis O'Brien said the company had lost the confidence of the markets.

He said Mr O'Brien's vote was taken after "careful consideration".

He did not disclose what way Mr O'Brien would vote.

Mr Osbourne has defended the payment of €1.9m to Mr O'Reilly.

Mr Osbourne said the payment was designed so Mr O'Reilly would drop claims against the company.

Meanwhile, IN&M CEO Vincent Crowley said the company is to close its head office and its London office.

The AGM was also told that the Sunday World redundancy scheme has been fully subscribed.