Fonterra investing $70m in new electrode boilers
While opening the first electrode boiler at its Edendale site, Fonterra has announced a $70 million investment in two further new electrode boilers.
Guiney and corporate farmer John Nicholls self nominated for the board elections.
They will go against the three candidates nominated by Fonterra’s board and Shareholders Council; Peter McBride, Jamie Tuuta and sitting director Ashley Waugh.
Two sitting directors- former chairman John Wilson and Nicola Shadbolt are retiring from the board. Each year three farmer-elected directors retire by rotation.
Guiney, who served on the board for three years, failed to win board nomination last year.
Following the completion of the Self Nomination Process for the 2018 Directors’ Election Process, there are five candidates standing for three places on the Fonterra Board in 2018.
The forthcoming election will now require Fonterra shareholders to consider the five candidates. To be elected to the Board each candidate must receive more than 50% shareholder support. If more than three candidates receive more than 50% shareholder support the three candidates with the highest levels of support will be elected.
Fonterra shareholders have the opportunity to meet candidates at seven locations throughout the country, starting in Invercargill on October 23.
