Monday 19 August 2019

One-fifth vote against pay hike for Glanbia boss at AGM

Glanbia managing director Siobhan Talbot. Photo: Tony Gavin
Glanbia managing director Siobhan Talbot. Photo: Tony Gavin
Margaret Donnelly

Margaret Donnelly

More than a fifth of shareholders voted to oppose a 22pc hike for Glanbia managing director Siobhan Talbot under a new three-year multimillion-euro pay package.

It marked a dramatic swing from last year, when fewer than 1pc of shareholders voted against the executive pay deal.

Farmer shareholders of Glanbia were also told questions over milk prices would be addressed at the co-op AGM in May.

Two investor groups, Glass Lewis and ISS, had recommended that shareholders vote against the pay proposal, which would give Ms Talbot receive a 22pc pay rise and Glanbia's finance director Mark Garvey a 14.9pc rise.

Ultimately just over 20pc of shareholders voted against the proposal at the AGM in Kilkenny yesterday.

Ms Talbot told shareholders that Glanbia is looking at growing online sales of its nutritional products, especially in Asia.

Health and wellness, she said, is a growing global trend with consumers and governments recognising that prevention is much better than medication.

"It is a big market, worth over a trillion dollars and is growing globally," she said.

Glanbia, she said, was looking to combine the consumer desire for nutrition in a convenient offering for time-poor consumers.

The group was looking to increase its presence in what she called a "digital connectivity trend" through online sales platforms.

Irish Independent

Also in Business