Following a pay review of the directors of the board of Glanbia PLC, the remuneration committee of Glanbia has agreed to increase the fees to all board members. The fee for each of the four independent (non co-op) non-executive directors would be increased by €15,000 effective from 1 January 2018. While the fee for the co-op-nominated non-executive directors would be increased by €7,500, effective from 1 January 2018. In total, the non-executive board will receive a rise of 18% or €127,500, bringing the total remuneration of the board to €840,000.

This will see Henry Corbally, group chair, receiving a 7% rise to bring his director fee to €112,500. Group vice chair, Martin Keane’s remuneration will increase 14% from €52,500 to €60,000.

Paul Haran, senior independent director, will see an increase of 19% to €95,000. Dan O’Connor, the audit committee chair, will also see an increase of 19% to €95,000, while the remuneration committee chair, Donard Gaynor’s fee increases a similar amount to €95,000. Patrick Coveney, CEO of Greencore and non-executive director of Glanbia, sees his fee increase from €70,000 to €85,000.

The co-op-nominated non-executive directors, Patsty Ahern, Vincent Gorman, Tom Grant, Brendan Hayes, Michael Keane, Patrick Murphy and Eamonn Power all will see their fees increase from €35,000 to €42,500 for 2018.

During 2017, Jim Gilsenan, Matthew Merrick and Jer Doheny retired from the board. They were replaced by Tom Grant, Eamon Power and Brendan Hayes. John Murphy was appointed vice chair, replacing Patrick Murphy. Michael Keane has announced his intention to retire from the board at the 2018 Glanbia plc AGM on 25 April 2018. It is expected that he will be replaced by a society nominee by 30 June 2018.