Dairy farmers need to know co-ops and milk processors are going to have to look inside their own doors to make cost savings in 2016, the Deputy President of ICMSA, Pat McCormack, has said.
Ornua has paid out €9.2m in directors’ fees and global executive pay over the last two years, according to its most recent annual results.
It is the first time that remuneration details of executive pay have been revealed by the company.
Speaking in light of figures that show that the that in the context of where milk price is at the present, McCormack said it seems to be the default solution of cutting milk prices to farmers is going to have to stop – with the same principle applying to Ornua.
“Ornua, as main marketing body for Irish dairy products, needs to deliver for dairy farmers and ICMSA wants to see the €54.3m profit made by Ornua last year being utilised in 2016 to offer more support for the dairy farmers who supply them, ultimately own them, and on whom the whole multi-billion euro sectors rests.
“Those dairy farmers are milking their cows every day and losing money every day – and have been, for getting on for 10 months now – and they’d like some sign that others in the sector have any idea of the kind of pressures they’re under as they open milk cheques this month that are, on average, half of what they were this month last year.”