Friday 18 October 2019

Glanbia staves off major investor revolt

Louise McBride

Louise McBride

A SEISMIC investor revolt was fought off in Glanbia in the same week that the dairy giant became the first major Irish food company to appoint a woman to the top job.

Two in five shareholders in the company, which had revenues of €3bn last year, voted against three resolutions put to investors at the company's AGM last week.

Close to one in five shareholders also voted against the reappointment of four Glanbia directors. Almost 16 per cent of shareholders voted against the reappointment of Glanbia chairman, Liam Herlihy. The reappointment of the company's vice-chairmen, Henry Corbally and Martin Keane, was opposed by close to 18 per cent of shareholders.

Although all resolutions were passed at last week's AGM, the level of investor dissent in Glanbia mirrors that in other listed Irish companies in recent years.

Earlier this month, about 36.2 per cent of shareholders voted against directors' pay at UTV. Last June, almost half of shareholders voted against, or abstained, on executive pay at Kenmare Resources.

Asked if the vote at last week's AGM was a sign of discontent amongst shareholders, a spokeswoman for Glanbia said: "All the directors up for re-election were reappointed by substantial margins, and we are satisfied that this is a strong endorsement of the board strategy and the performance of the group over the year."

Last week, Glanbia announced that Siobhan Talbot, its group finance director, would take over from the outgoing managing director, John Moloney, who will leave Glanbia by the end of this year after 25 years with the group.

Irish Independent

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