Glanbia shareholders have expressed significant disapproval at the company’s remuneration policy, which includes the almost €750,000 awarded to chief financial officer Mark Garvey, which he will earn just for staying in his job until December 2025.

Generally, shareholder votes on remuneration policy are passed by the vast majority of shareholders – the 2023 AGM saw 99.3% in favour.

This week, however, almost 30% voted against it at the AGM, meaning Glanbia will have to publish an update on shareholder views and the actions it has taken in response to the vote by 1 November.

Significantly, Tirlán, a 28% shareholder of Glanbia, expressed its approval of the pay award by voting in favour of granting the extra payment to Garvey.

If Tirlán had voted against, the resolution would have been defeated.