Kerry Co-op has pulled back from presenting a resolution that was going to be proposed at the upcoming Kerry Co-op AGM on 21 June. Developed last year, the resolution followed on from reported bidding on the Kerry Group dairy business by the co-op board without member approval.

However, the Irish Farmers Journal understands that legal opinion just received by the Kerry Co-op board suggests that if the resolution was proposed it would cede power from the board to some, but not all shareholders. Hence it has withdrawn the resolution.

In a note to Kerry advisory members Co-op CEO Thomas Hunter McGowan said that the board has a fiduciary duty to all shareholders and that it had to act in the best interests of the society, and for this reason it has decided to withdraw the resolution.