Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra directors have completed a second round of meeting with shareholders on proposed changes to its leadership structure.
Last week, over 200 shed meetings were also held by Fonterra Shareholders Council to get farmer feedback.
The review committee will discuss farmer feedback before putting a proposal to the Fonterra board and the Shareholders Council; a final proposal could be put to farmers for voting in late May.
Fonterra director Michael Spaans held seven meetings with shareholders, says overall there is good support for changes proposed for its leadership structure.
Speaking after taking part in six farmer meetings between Northland and Waikato, Spaans said farmers recognise the better processes and outcomes proposed by the review.
He says the proposed cut in director numbers from 13 to 11 was barely raised at the meetings he attended.
"There were one or two questions on why couldn't we keep it at 13; one or two raised the possibility of reducing the number further," he says.
"We explained [the numbers were needed because] of our unique regulatory requirements like the milk price panel and the general workload of directors."
Spaans was joined at the meetings by Fonterra Shareholders Council deputy chairman Greg Kirkwood. On average 30 farmers attended each meeting.
He says while many farmers lacked time to think about the proposal, mailed out on April 13, lots asked questions and gave feedback.
"If we pursue those changes we will need 75% support at a special meeting and that is a big hurdle."
Former Shareholders Council chairman Ian Brown, who held farmer meetings in Southland and Otago, refers to "good questions" on the board numbers and composition.
Brown says overall there was support for evolving the governance and representation of the co-op from "where we are today".
Also attending the meetings was John Monaghan, standing in for chairman John Wilson, in China on the Prime Minister's trade delegation. Brown says Monaghan's presence was a great example of the varied workload of directors.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
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