On April 24, the directors of Glanbia, an Irish global food group operating in 32 countries, are expected to be heavily criticized for plans to increase the already multi-million dollar compensation package by CEO Siobhan Talbot by another 22 percent.
In anticipation of the general meeting of shareholders of Glanbia plc, two prominent groups of investment advisors recommended rejecting the proposed pay increase.
Siobhan Talbot's salary increase plans angered many of the Irish Glanbia farm suppliers, who were hit by declining milk supplies in March.Irish Glanbia blamed unstable global trade and Brexit for adversely affecting market demand, but this did not save the company’s management from angry suppliers on the proposed salary increase for the CEO.
Dublin dairy farmer Brendan O'Donoghue, a milk supplier for the company, said Glanbia “blames Brexit for lowering milk prices, but Brexit does not seem to affect other cooperatives, which provide 34.5 cents per liter of milk. This new model of a cooperative must look at itself. It was built for the benefit of dairy farmers, but it doesn’t work like that. ”Another supplier, Denis Drennan of Dunbell, wondered why Glanbia has one of the lowest milk purchase prices in the country, while dairy farmers face peak production. And how can one pay more than 1 million euros to someone, calling the proposed 22% salary increase “scandalous”.