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 Co-operative Council chair John Stevenson wants shareholders to realise that it is still very important to vote and give a clear mandate in the director election.
Stevenson says the council strongly encourages Fonterra shareholders to participate in the voting process.
“The ability to vote farmer-elected directors onto the board is a key part of maintaining democratic member control within our co-operative,” he told Dairy News.
“Whether you are a big farm or a small farm, your votes do count. Data shows that just under one third of votes are held by shareholders who supply up to 150,000 kgMS backed by shares, just under one third by shareholders who supply over 300,000 kgMS backed by shares, and the remainder by shareholders supplying between 150,000 - 300,000 kgMS backed by shares.”
Director candidates have been meeting with farmers across the country and online recently. A video of the online meeting is available for Fonterra farmers on the Fonterra Farm Source website.
Stevenson says eligible shareholders should now have received their voting packs. If they have not, they should contact the returning officer at Electionz, Warwick Lampp.
Stevenson says apart from the director elections, there are also important resolutions for shareholders to vote on. This includes the board’s proposal to reduce the board size from 11 to 9. The council is supporting the board proposal.
He says the board has consulted council on the proposal.
“Following this and further discussions, council was supportive of the board’s rationale and has voted to support the proposal.”
