A shareholder revolt that threatens the authority of the Kerry Co-op board is under way, with a special general meeting sought to curb the board’s powers.

Meanwhile, debate around how to solve the “leading milk price” issue has resumed.

Last Friday, Kerry Group rejected Kerry Co-op’s bid for 60% of the Irish dairy business and ended talks around a joint venture deal.

Now, Kerry suppliers opposed to chair Mundy Hayes’ vision of the future are moving to limit the board’s power.

They are looking for signatures to trigger a special general meeting.

It would consider a motion to prevent the board from divesting or spending the co-op’s assets, Kerry Group shares, without shareholder approval.

Tom Galvin, a former board ally of the chair, said there was “anger out there that people’s equity can be accessed without their consent”.

‘Leading milk price’

Attention now returns to resolving the long-standing “leading milk price” issue.

Former co-op chair James Doyle wants to return to arbitration.

While discussions between the co-op and Kerry Group have failed to agree on a mechanism to enact the findings of arbitration, talks between the processor and the co-op to settle the issue may resume.