Following the co-ops decision to reduce its shareholding in Glanbia plc in 2012, the number of people the co-op can now nominate for the plc board has reduced from 14 to 10. As 14 people sit on the board of the co-op, a vote among the co-op board members is now required. This vote took place among the co-op board members themselves on Monday.

Chair Henry Corbally and vice-chairs Martin Keane and Pat Murphy were automatically elected. The seven chosen to join the plc board are Jer Doheny, Jim Gilsenan, Vincent Gorman, Michael Keane, Matt Merrick and John Murphy.

This means the four directors who lose out, and have now retired as directors from Glanbia plc, are Tom Grant, Brendan Hayes, Patrick Hogan and Eamon Power. However, all four remain on the co-op board and the board of GII, in which the co-op owns a 60% shareholding.

Glanbia co-op board: The co-op board is made up of 15 members, including Siobhan Talbot, group managing director. They are appointed through the representative structure.

Glanbia plc board: The plc board has had 24 members; however, this is set to reduce. Up until now, all members of the co-op board (14) went forward on to the plc board. They held the majority of seats. However, in 2012, the co-op and the board agreed to a number of changes that will see the co-op nominees on the board of the plc reduce to 10 in 2016 and reduce by a further two to eight in 2018.

Following the approval of proposals at the special general meeting in Gowran last May, this will then reduce to seven by 2020.

The 14 members of the co-op will continue to sit on the board of GII.

This will mean that by 2020, the plc board will be made up of seven co-op nominees and up to eight executive and non-executive directors, independent of the co-op. Up until 2020, the co-op has the right to nominate the chair of the group.

These changes reflect the co-op’s shareholding in the plc reducing from 54.4% in 2012 to its current 36.5%. If the co-op’s shareholding falls below 33%, discussions will take place regarding a further reduction in the size of the co-op’s representation on the board.