Vote of confidence for Dairygold
That the entire operation is to remain within co-operative farmer ownership is very positive, and this should continue to be the policy.
Milk producers, who in the past found it fashionable to go the PLC route with their co-ops, have had reason for second thoughts, when they find proxy votes decide their fate, and outside investors demand their return and dictate what the farmer will be left with. With one exception - Kerry Group - conversion of dairy processing co-ops to PLCs has not served farmers well. It was always going to be difficult to marry the conflicting interests of the dairy farmer wanting to get the best return for milk supplied and the outside investor demanding the optimum return on his investment in the PLC.
