Reports in the Irish Times on Saturday state that advisory firm Institutional Shareholder Services has recommended that Glanbia shareholders vote against the re-election of three co-op representatives to the board of the plc at the company’s AGM on Wednesday.

Glanbia Co-operative Society are the main shareholder group in Glanbia plc Ltd and last year four co-op representatives left the board after changes saw the number of directors reduce from 22 to 18.

The co-op’s 36.5% share in Glanbia is represented by 10 nominees on the company’s board with this set to drop to eight by the end of next year.

However, Institutional Shareholder Services has said that the co-op “continues to be over-represented on the Glanbia plc board in comparison to the size of their shareholding”.

Re-election

It has recommended that Glanbia chairman Henry Corbally as well as Martin Keane and Patrick Murphy are not re-elected to the board. The three also serve as member of the group’s audit and remuneration committees which is against guidelines for corporate governance.

A Glanbia spokeperson told the Irish Times that the company “respectfully disagrees” with the recommendations. “All of our non-executive directors have, and continue to make, a very valuable contribution to the board and the company,” the spokesperson said.

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