A resolution to cap future investments made by the board of Kerry Co-op at €50 million in a five-year period has been approved.
A vote took place at Kerry-Coop’s special general meeting this afternoon.
93% of members voted in favour of the resolution at the meeting which was attended by over 450 shareholders.
It means there’ll be a change to the society’s rule book, meaning member approval will be sought for any investment exceeding €50 million.
This came about after concerns were raised over the co-op’s plans for a joint venture with Kerry Group.
The venture involves Kerry Co-op, which is the largest shareholder in Kerry Group, buying back the plc’s milk processing facilities for dairy farmers.
Today’s result means it will now require shareholder approval.
