Glanbia Co-op AGM confirms dividend payment

Glanbia Co-op confirms a dividend payment of 15 cent per share following Annual General Meeting held by teleconference. 

Members joined by phone for the AGM as Glanbia Co-operative Society held the meeting by teleconference in line with public health guidelines to help safeguard against Covid-19.

Over 160 Members joined the audio conference call to hear contributions from Group Chairman, Martin Keane, Group Managing Director, Siobhán Talbot and CEO of Glanbia Ireland, Jim Bergin as they looked back on 2019 and addressed the current challenges arising from Covid-19. Members also took part in a question and answer session over the course of the AGM.

Each of the contributors wished Chairman Martin Keane well as he confirmed he was standing down as Chair of both the PLC and Co-op, effective from Thursday, October 8th. The decision was made in the spirit of the Relationship Agreement reached in 2017, with the governance of Glanbia evolving this year to establish separate Chair positions at PLC and Co-op.

Mr Keane will remain on both boards until his retirement at the respective 2021 AGMs.

 

Share interest (dividend)

With the supervision of ICOS, Members voted by phone to approve a similar payment to last year of 5.6 million euro or 15 cent per share.

This payment coupled with a special share interest (dividend) already paid earlier this year of 13.5 cents brings the overall payment to 28.5 cents per share.

Overall this will deliver an average payment for Member milk suppliers of €1,150.

All members – both active and retired - also continued to benefit from share interest.

 

Member support

In 2019, the total payments to Co-op Members amounted to €40.5 million including the Trading Bonus Scheme.

Over 5,600 Members benefited from the scheme in 2019, ensuring a total of €13.8 million was paid out to Members.

Two-thirds of milk supplier Members of Glanbia Co-op achieved the top rate of payment directly arising from their purchase levels.

For grain growers, a Trading Bonus of up to €10 per tonne of grain supplied was available for 2019 and €2.4 million was paid out after completion of the grain supply season. There is also a Feed Bonus in operation for Co-op Members that do not supply milk.

During 2020, milk supplier Members receive 0.4 cent per litre, plus VAT, payment on all milk supplied. This is in addition to the 2020 Trading Bonus Scheme.

 

New Member Admissions

The Co-op carried out a review of the rules governing new Member admissions to the Co-op during 2019.

Over the five years up to 2019, there have been 980 new Members.

Chairman Martin Keane highlighted that a key aim was to “encourage greater Co-op involvement among the next generation of farmers”. “It is important to bring new people and new ideas into an organisation to reinvigorate it and build on the strong expertise and foundations that have been built up over the years,” said Mr Keane.

 

Board Changes

Jer Doheny, Diarmuid Lally and Eamonn Power were thanked for their level of commitment as they retired as Directors from the Board of the Society.

Robert Barron, Denis O’Sullivan and John Regan were appointed to the Board as a result of the vacancies arising.

Mr Keane thanked all Members for their patience and participation during a unique meeting held by teleconference.

Updated on 6 October 2020