“The largest milk processor in the country is now in the hands of its farmer shareholders. The emphatic result shows that farmers want to have control of their destiny and their livelihoods,” he said.
“We have always said a co-op structure serves farmers better than a PLC model. The co-op structure ultimately gives more latitude to the board to support its farmer suppliers,” he said.
Stephen Arthur said the onus on the board and the management is to pay a strong price to farmers that secures their livelihoods. They also have to run the business efficiently and leanly so it can maintain a market-leading return to its suppliers while remaining profitable.
IFA Grain Chairman Mark Browne said grain farmers will also expect the new model to pay a market-leading price for the crops supplied by farmers.
IFA had a very constructive and well attended online meeting on Monday night where the Glanbia Co-op Chairman John Murphy, CEO Jim Bergin and other key personnel. There were many questions and it proved a very effective forum for farmers to have their questions dealt with.