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Tax Strategy

Glanbia Cheese is a leading Mozzarella manufacturer and supplier in Europe, operating from two production facilities in the UK. We employ more than 350 people and sell our products in the UK and across the EU.

This statement of Glanbia Cheese's tax strategy ("Tax Strategy") sets out our strategy for conducting our tax affairs, and sets out the processes and procedures for managing our tax risks.

The Tax Strategy applies to all Directors, Officers, employees and contract, agency and temporary staff who are responsible for or have an impact upon the execution of our tax strategy.

Approach

Glanbia Cheese is a market leading, international business and we recognize that our tax strategy is to ensure that our transactions are conducted with integrity and in accordance with all relevant local and international legislation within the country that we operate in, and the countries that we trade with.

Glanbia Cheese's tax strategy is designed to ensure compliance with all legal and disclosure requirements across the jurisdictions in which we operate as well as to the applicable legal and fiduciary duties of directors and employees. Where appropriate, we seek external tax advice to ensure that we are compliant with relevant tax laws and to ensure that all transactions are conducted in accordance with relevant tax regulations.

Governance

The Glanbia Cheese Board is responsible for setting and monitoring the strategy of Glanbia and by extension, its tax strategy. The Board has a clear governance framework with defined responsibilities and accountabilities. Glanbia Cheese's code of business conduct, for example, sets clear parameters for the conduct of all Directors, Officers, employees and contract, agency and temporary staff.

Glanbia Cheese's Senior Management Team is responsible for overseeing the effective execution of the business and, by extension, the tax strategy as well as monitoring risk exposures and establishing appropriate internal controls for risk identification and mitigation.

Risk management is a regular agenda item at Glanbia Cheese Board meetings. In addition the Glanbia Cheese Board conducts a detailed consideration of the impact of our principal risks during the annual strategy process.

Tax Risk Management

It is the responsibility of those individuals to which this Tax Strategy applies to identify and escalate perceived tax risks to Glanbia Cheese's Senior Accounting Officer (SAO).

The SAO in collaboration with Glanbia Cheese's Company Secretary, is responsible for maintaining the risk register, the on-going monitoring of tax risks as well as the establishment of parameters and procedures to minimise the likelihood of any identified tax risks materialising. The Glanbia Cheese Board reviews the risk register periodically (at least annually).

Relationship with tax authorities

Glanbia Cheese is committed to acting with integrity at all times, maintaining a transparent, open and honest relationship with tax authorities and to undertake any such dealings in a professional and timely manner.

We endeavour to respond to queries, information and clearance requests in a timely manner as this minimises the risk of damage to our reputation.

Note:

Glanbia Cheese considers that this Tax Strategy is compliant with its duty under section 161 and Schedule 19 of Finance Act 2016 to publish its tax strategy in the current financial year.

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