Co-op representation will be reduced to less than half its current number of directors on the board of Glanbia plc in the next two years.

The board of Glanbia Co-operative Society has announced that it has “taken a strategic decision to reduce the society’s representation” on the board of Glanbia plc.

This, it says, is in order to “facilitate the appointment of additional diverse, independent non-executive directors to that board”.

The chairman and two vice-chairmen of Glanbia Co-op will be the nominees to the plc board at that point.

The society was already due to reduce its number of directors to six by June 2022 under a prior agreement.

While the nomination and governance committee of the plc board will run the process to select and appoint the three new diverse independent directors in place of the society’s nominees, the society’s officers will be invited to participate in the selection process for these roles, it was added.

The co-op and the plc have agreed that these changes will remain applicable for a period of five years and will be reviewed thereafter by both parties.

Commenting, John Murphy, chairman of Glanbia Co-op, said:

“Our 31.9% shareholding in Glanbia plc is the society’s largest and most valuable asset and income stream and its continued growth and success benefits our members.

Concluding, Murphy said: “Glanbia Co-op is deeply committed to Glanbia plc and its continuing directors will work hard to ensure its success.

“Our decision today is hugely important in terms of promoting board diversity.

“It is strategic and forward looking, recognising the fact that in an increasingly global, digital and innovation-disrupted world, the enhancement of the experience and skills around the board table is paramount.”