Ornua has revealed that its directors have agreed on a new structure following its recent review of board governance.
There will be no change in shareholder structure and the new board governance structure will consist of two distinct entities, according to the dairy exporter in a brief statement.
These will consist of: a group advisory board; and a co-operative board.
It is envisaged that the current directors will become members of the group advisory board and will support the transition to the co-operative board.
The process of drafting the changes to the rules of Ornua is now underway with a view to bringing the new rules back to the board for formal approval in early 2020, according to the exporter.
Subject to this and shareholder approval, the new structure will be in place before the end of the second quarter of 2020.
The matter of restructuring has been an ongoing issue for Ornua over the past year; exactly one year ago today, December 12, the Ornua board of directors stated its commitment to resolving the conundrum surrounding the launch of Glanbia’s Truly Grass Fed range in the US.
At the time, the board stated: “The directors recognise governance matters have recently arisen at board level.
“All directors have committed themselves to a process over the coming months that will work to resolve these matters,” the statement said.