LacPatrick has welcomed over 350 new shareholders and promised to bring forward governance changes in coming months.
Dairy co-operative LacPatrick will be welcoming over 350 suppliers as new shareholders in the coming weeks, meaning that over 99% of all suppliers into LacPatrick’s three sites will be members of the co-op.
This move reflects how the organisation has evolved since the merging of Town Of Monaghan Dairies and Ballyrashane Co-op 18 months ago, by strengthening its supplier relationship ensuring that co-operative ethos is maintained into the future.
LacPatrick chief executive Gabriel D’Arcy said: “The addition of this group of suppliers as shareholders to the co-op is a very positive step and in total accordance with the co-operative philosophy that all suppliers own the company and have a stake in it. Our aim is to have a full 100% of suppliers as shareholders in order that the co-op ethos is maintained going forward.”
As a result of these new shareholders joining, the board proposed changes to the governance structure which reflect the new geographic spread of the shareholders, with a new 60 member council representing proportionally all suppliers across the province.
Hugo Maguire, chair of LacPatrick, said, “We held a Special General Meeting today to put proposals before the membership dealing with council and board representation mechanisms. A majority of members present voted in favour of the proposals.
“However, we did not reach the necessary threshold majority of 66% to bring in these new rules. We did however have a good, productive and engaging discussion at the meeting and we will take away the comments and feedback from the members who attended.
“We are fully committed to further examination of the system of representation, and will reconvene in the coming months with further proposals for consideration by all of our shareholders across the province of Ulster.”