The shareholders at one of the biggest dairy co-operatives in the country, Dairygold, yesterday passed a vote of no confidence in its board after the company had a disastrous trading year last year.
At the AGM held in Mallow, almost 800 of the 1,400 shareholders who attended the meeting voted to pass the no confidence motion.
Among Dairygold's brands are Galtee and Roscrea meats as well as Mitchelstown and Calvita cheeses. While turnover last year was up €20m on 2001, operating profits and pre-tax profits were both down 80%.
But the newly appointed chief executive Jerry Henchy got the full backing of the meeting to proceed with a significant rationalisation programme which could see job layoffs at the co-operative which employs some 3,000 people in County Cork.
The 10 board members are not obliged to resign but, according to a company spokesperson, will discuss the vote of confidence at the next meeting.
