‘Year of solid progress for Dairygold’
That’s in sharp contrast to the 2,000 farmers who showed up the previous year when the group was in the throes of restructuring.
One pertinent question from the floor was tabled by Denis Buttimer, who asked for a breakdown of prices the co-op got from its customers for the dairy products supplied to them.
Mr Buttimer wanted to know if this could be supplied on a quarterly basis.
Chairman John Walsh said this could not be done for corporate reasons.
It was “commercially sensitive” information, but the shareholder persisted. Mr Walsh asked for a show of hands from the floor backing his view, which he got.
Chief executive Jerry Henchy’s remuneration package was also questioned and delegates were told his salary was in the mid quartile for comparative organisations, by the chairman. To which Mr Henchy quipped “the group was getting a top quartile chief executive for a mid quartile salary.”
His comment was greeted with laughter.
Mr Henchy also backed his chairman’s stance on the disclosure of prices, adding that they had to be kept private for “pragmatic reasons.” Mr Henchy reiterated his view that the co-op had a tough job to do if it was to ensure its very survival.
And he applauded shareholders and workers for accepting the hard decisions that had to be made over the last two years to ensure the business could survive in the real world.
Mr Henchy described the co-op’s 2004 performance as a year of solid progress, “a foundation upon which we must now move forward with determination and confidence to build a world-class business, a business which will be competitive, innovative and profitable in its operations and activity.
“We have successfully reduced costs, doubled R&D spend, strengthened the management skills of the business and implemented significant rule change,” he added.
