This is a subscriber-only article
Some 91% of shareholders voted in favour of the governance review establishing a council and a board, at a special general meeting in Armagh.
Shareholders will now elect a 60-member council from electoral areas ensuring their geographical representation. The council will deal with “membership/share issues and disseminating information to the members/suppliers on the ground”.
The council will also elect a board of 16 directors among its members, starting in September. Again, the co-op said that there would be “fixed representation from each area” on the board.
“This is part of an ongoing consultation, taking into account the views of our existing members and the views of the additional 350 new members we welcomed recently,” said LacPatrick chairman Hugo Maguire.
Many suppliers of the former Town of Monaghan co-op took up the opportunity to buy shares following the merger with Ballyrashane to form LacPatrick.
LacPatrick chief executive Gabriel Darcy said after the vote: “With this new board and council in place, a clear strategy and our dedicated employees, we are in a strong position to continue to create long-term value for you, our members.”
SHARING OPTIONS: