Medals galore for Fonterra cheeses
Fonterra cheeses are continuing their golden run at the annual New Zealand Cheese Awards.
Fonterra’s board is flagging a number of key changes to its proposed new capital structure following farmer feedback.
A new preferred option will be presented to farmers in late September and taken to a farmer vote at its annual meeting to be held in December.
Chairman Peter McBride says the board is considering a number of changes as it thinks about what a final proposal could look like.
These include:
“We have also reconsidered voting rights in light of some feedback and at this stage our preference is for voting to continue to follow share-backed supply as it currently does,” adds McBride.
Consultation has been extensive to date, starting with the initial communication on May 6 when Consultation Booklet was sent to every farmer owner. Since then:
“We would like to thank our farmer owners for getting involved and approaching the consultation with open minds,” says McBride.
“We also want to acknowledge the uncertainty that comes along with us considering changes to our capital structure and the significant challenges that it’s creating for some farmers. The best way to give certainty is to ensure we have a full discussion as a co-op and get to a quality outcome.
“The Board maintains its belief that, in a flat or potentially declining milk environment, making changes early will put us in the best position to provide farmers with more flexibility while protecting farmer ownership and strengthening our co-op’s financial sustainability.”
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