Tirlán marks first AGM

Agribusiness All Beef Co-op Corporate Dairy

Tirlán’s first Annual General Meeting heard over €174.5 million in value was distributed to over 11,000 Co-op Members in 2022.

It was the first AGM since the formal creation of Tirlán last year, arising from the acquisition of the remaining 40% of Glanbia Ireland from Glanbia plc, to create a 100% farmer owned independent co-operative.

At the AGM held on 24 May, 2023 in the Lyrath Hotel, Kilkenny, Tirlán published an Economic Impact Study by independent consultants EY, showing that the co-operative generated total economic activity of €5.5 billion in 2022 and supported over 19,200 direct and indirect jobs through its operations in Ireland.

The Economic Impact Study sets out the economic footprint of Tirlán’s agribusiness, consumer, and ingredients operations at local and national levels. 

Read more here: https://www.tirlanfarmlife.com/news/new-study-shows-tirlan-drives-5-point-5-billion-of-economic-activity

Shareholder Highlights

  • The Co-op has a balance sheet value of €1.2 billion at year-end, with a significant portfolio of investments including the largest single shareholding in Glanbia plc at 28%.
  • In September 2022, Tirlán Co-op Members benefitted from a spin-out of 12 million shares in Glanbia plc which returned €168 million in value to Members.
  • In addition, over €6.5 million was paid in Share Interest (dividends).

A proposal to increase the share interest (dividend) payment per share by 10% to 19.058 cent per share was approved. The amounts to €6.5 million.

Among the topics raised by shareholders at the AGM were the Co-op’s financials, future ambitions and the challenges ahead, with a firm focus on sustainability, food security and farmer advocacy at a crucial time for the sector.

Tirlán Chairperson John Murphy said the Co-op distributes value to its members. “Since 2012, the value to Members of shares spin-out and dividends stands at over €964 million euros - a significant delivery of value to our rural communities,” he stated.

“We are entering a moderate growth era in the dairy space where the focus now will be on innovation and adding value. We continue to launch new products like Avonmore Fibre Milk, Avonmore Oat Drinks and we also created many new ingredient solutions tailored for our customers. 

“And, in tandem with that, we are also planning to grow new income streams in the coming years. We have stood up a strong governance structure to manage our Investment Fund and target new opportunities.”

John Murphy highlighted the important role that farmers play in society, delivering quality food and nutrition and driving economic activity.

Tirlán CEO Jim Bergin highlighted the local jobs and livelihoods that the co-operative supports directly and indirectly in rural communities across the country. “While 2023 is proving challenging to date with a significant reduction in dairy market returns, combined with high farm input costs and supply chain inflation, we believe our Co-op is well-positioned to navigate these challenges and support our farmer Members,” he said.

SGM

The Tirlán SGM also took place, with shareholders approving updates to the Rules to introduce a more gender neutral format. The SGM heard that it is part of the ongoing work to encourage greater diversity within both the membership and representative structures of the Society.

A review of the Representative Structure is taking place under the leadership of Brendan Hayes, Vice Chairperson.

Patsy Ahern retired from the Tirlán Board. He was thanked for his contribution since he was appointed to the Board in 2015. Dan Lynch from the Castlelyons' region will replace Patsy Ahern on the Board of Tirlán.

 

First Published 30 May 2023

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