Society representation on the Board

The current composition and size of the Board reflects the historical shareholding and relationship of the Company with Glanbia Co-operative Society Limited (the “Society”).

Following the completion of the transfer of 10 million plc shares from the Society to their members in 2015, the Society now owns 36.5% of the issued share capital of the Company. As a result of this transaction, the Society and the Board agreed the following changes, which will impact the composition and size of the Board in the coming years:

  • for 2015 the number of Society Nominee Directors on the Board will continue to be 14 members;
  • for 2016 and 2017, the number of Society Nominee Directors on the Board will reduce to 10 members;
  • for 2018 the number of Society Nominee Directors on the Board will reduce to eight members;
  • for 2020 and subsequent years, the number of Society Nominee Directors on the Board will reduce to seven members;
  • the Group Chairman of the Company will be a Society Nominee until 2020; and
  • up to eight of the Directors on the Board will be composed of Executive Directors and Non-Executive Directors who are independent of the Society.

© Glanbia plc 2017. All rights reserved

© Glanbia plc 2017. All rights reserved