In a statement released on Wednesday, ICMSA deputy president Pat McCormack said in the context of where milk price is at the present time, all co-ops and milk processors are going to have to look inside their own doors to make cost savings in 2016 and what seems to be the default solution of cutting milk prices to farmers is going to have to stop - with the same principle applying to Ornua.

“Ornua, as main marketing body for Irish dairy products, needs to deliver for dairy farmers and ICMSA wants to see the €54.3m profit made by Ornua last year being utilised in 2016 to offer more support for the dairy farmers who supply them, ultimately own them, and on whom the whole multi-billion euro sectors rests.

"Those farmers are milking their cows every day and losing money every day – and have been, for getting on for 10 months now - and they’d like some sign that others in the sector have any idea of the kind of pressures they’re under as they open milk cheques this month that are, on average, half of what they were this month last year”.

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On Wednesday Ornua, Ireland’s largest dairy exporter and owner of the Kerrygold brand, announced strong financial performance for 2015. Turnover increased 9% to €2.5bn, while earnings (EBITDA) before exceptionals, increased 18% to €58.8m.

Context

Glanbia, with revenues of €3.7bn, paid its top four executives a total of €5.1m last year. Siobhan Talbot, managing director received a total remuneration of €1.9m, while the financial controller, Mark Garvey received a total of €984,000.

Meanwhile, Stan McCarthy CEO of the Kerry Group, with revenues of €6bn, was paid €4m last year. The four most senior executives including McCarthy received a total of €9.3m.

Ornua is a business similar that operates in a similar space to Glanbia and Kerry, focused in Ornua’s case on dairy ingredients and branded consumer foods. It employs 3000 people, is headquartered in Dublin and has sales of €2.5 billion per annum.

It has operations in over 110 countries around the world. It is also owner of the Kerrygold brand which has retail sales of over €740m.

Commenting on the level of pay, a spokesperson for Ornua said that “attracting and retaining talented staff is of strategic importance to our business. Executive and Board remuneration is performance related and bench marked against industry peers and is agreed by the Remuneration Committee with support from independent professional advisors.”