The names of two members of the Independent News and Media board have surfaced in the leaked Panama Papers.

INM chairman Leslie Buckley and non-executive director Paul Connolly were named as shareholders and directors of offshore companies associated with the Mossack Fonseca law firm.

An Irish Times report says that Mr Buckley and his wife Carmel were directors and shareholders of a company called Zelia, which was incorporated in the tiny tax haven of Niue, in the Pacific, in June 1996.

They were also named as directors of Ronver, a company incorporated in the Bahamas in July 1996.

The newspaper also said that Mr Connolly is the owner of Lynsdale Investments, which was incorporated in the Bahamas in 1995. 

It said that all three offshore firms are described as "investment companies" in the leaked Mossack Fonseca papers.

Papers from the 11.5 million records leaked from the legal firm in Panama includes information related to around 360 companies with Irish links. 

There is no suggestion of wrongdoing by any of these companies, however.

A spokesman for Mr Buckley told the Irish Times that the INM chairman's tax and business affairs have "always been fully compliant and up-to-date".

He also said that Mr Buckley is resident in Ireland and pays tax here.

Mr Connolly told the newspaper that he had worked in international corporate finance for over 20 years.

He said that "offshore companies form an integral part of global corporate merger and acquisition structuring as well as incorporating public companies who are listed on all the major world stock markets".