Thursday 22 August 2019

Glanbia criticised for 'scandalous' 22pc pay hike for boss

Glanbia managing director Siobhan Talbot
Glanbia managing director Siobhan Talbot
Margaret Donnelly

Margaret Donnelly

Dairy farmers have described as "scandalous" a proposed 22pc salary hike for Glanbia chief executive Siobhán Talbot.

The company's directors are expected to come under fire from farmers at its annual general meeting tomorrow over the proposal, while two prominent investor adviser groups have recommended the salary increase be rejected.

Glanbia's remuneration committee has recommended that the base salary for Ms Talbot increase from €859,660 to €1.05m.

Her total remuneration package in 2018 - including other benefits, cash and share incentives - was €2.34m.

However, the proposal has angered many of Glanbia's farmer suppliers who were hit with a 1c a litre cut for milk last month.

The country's largest dairy processor blamed volatile global trading and Brexit for negatively affecting demand.

Denis Drennan, from Dunbell, Kilkenny, asked why Glanbia is paying one of the worst milk prices in the country as dairy farmers are facing into peak production. He described the proposed 22pc salary rise as "scandalous".

Wicklow farmer Shane O'Loughlin said: "These people are on huge, huge wages, way beyond the imagination of 99.9pc of dairy farmers supplying Glanbia."

A spokesperson for Glanbia said: "Glanbia is satisfied that the salary adjustments made are reasonable and align with the median of the target benchmarks set out in the remuneration policy."

Irish Independent

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