Disappointment, recriminations and basic questions all featured at Glanbia’s AGM held, ironically, in the FBD-owned hotel at Killashee just outside Naas in Co Kildare.

Presided over by the non-executive chair Donard Gaynor, who had seen his own package increase from approximately €80,000 to over €350,000 while presiding over eye-watering payments to former chief executive Siobhan Talbot, he declared that the AGM was not the appropriate place to discuss detailed company strategy.

Nevertheless, two investment managers read detailed statements pointing out that the share price was now back to the level of 12 years ago. While critical of recent performance, especially poor acquisitions, two clear changes in policy were put forward. The first – that the company structure was too complex and should be broken up to maximise shareholder value.

While this may be a recurring theme of asset managers and private equity firms, it was not the main point made by the farming contributors, who had basic questions as to what had caused such a destruction of value.

The fact that Tirlán co-op has two directors on the Glanbia board and owns directly almost 30% of the company, as well as the shares directly owned by farmers, means that no group is more affected than farmers themselves.

However, that said, a basic question was raised on whether Glanbia should concentrate on selling direct to consumers or switch its strategy to servicing business companies and manufacturers, which has been the route followed by Kerry.

We got no answer to what was a basic question, except the chair’s desire to get on to the business of the AGM. However, at least some of us left the meeting reassured that we had real and profitable businesses in the Glanbia stable.

A few years ago, the Irish Farmers Journal board visited the huge dairy plant in New Mexico with the then North American head of Glanbia, Kevin Toland, being host. He is now chair of Ornua. The business itself continues and has expanded since then. It was and is a hugely impressive enterprise. Optimum Nutrition is also a business that Glanbia and Ireland can be proud of. But it’s clear that Glanbia as a corporate body needs to reassess on a range of fronts.